Bessent: Iran commits to 'free, open' Hormuz transit, IAEA inspections in talks

U.S. Secretary of the Treasury Scott Bessent, right, and Marco Rubio, U.S. Secretary of State listen as U.S. President Donald Trump speaks during a news conference at the G7 summit, on Jun. 17, in Evian-les-Bains, France. AP-Yonhap

WASHINGTON — Iran has committed to allow "free and open" transit in the crucial Strait of Hormuz and the return of International Atomic Energy Agency (IAEA) inspectors to the country, U.S. Treasury Secretary Scott Bessent said Monday, following negotiations between Washington and Tehran over the weekend.

Bessent made the remarks in a social media post after the United States and Iran, along with Pakistani and Qatari mediators, held the first round of high-level talks to negotiate a final peace agreement in Switzerland on Sunday following their signing of a preliminary deal last week.

"In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency inspectors into their country," the secretary wrote on X.

He added that the Treasury Department has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil as part of a peace framework with Iran.

South Korea and other countries have been closely watching the developments in the negotiations between the U.S. and Iran, hoping that the peace talks would lead to the restoration of free and safe passage through the Strait of Hormuz, a key shipping route for oil, natural gas, fertilizer and other commodities.

Currently, 22 South Korea-linked vessels remain trapped inside the strait, which Iran all but closed during the U.S.-Israeli war against it.

On Saturday, Trump said that there will be no tolls after the 60-day period expired, but indicated that the U.S. could impose a toll.

"There will be NO TOLLS in the Hormuz Strait for 60 days during the Cease Fire Period," he wrote on Truth Social.

"There will be NO TOLLS after the 60 day period has expired, unless they are imposed by and for the United States of America, should the deal not be completed, for services rendered as the Guardian Angel to the countries of the Middle East for purposes of both past, present, and future reimbursement of costs," he added.

After the negotiations in Switzerland, Vice President JD Vance announced that Iranian negotiators have agreed to invite IAEA inspectors back into the country, and that he expects the inspection process to start "at a minimum this week."

"That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran," he said of Iran's agreement on the IAEA inspection during a press conference.

"That's exactly what we wanted to do. That's exactly what we asked to happen."

He stressed that the weekend negotiations laid a "very good foundation" for a successful final deal.

"The final deal is the house. We set the foundation. We haven't built the house, but we've laid a successful foundation to get to a good place for the American people," he said.

Later in the day, Trump commented on the negotiations with Iran, touching on the nuclear inspection matter.

"Everybody is fully aware that Iran will agree to have Major Weapons Inspections in order to ensure 'Nuclear Honesty' long into the future," he wrote on Truth Social.

Following the Switzerland negotiations, Pakistan and Qatar said in a joint statement on Monday that "encouraging progress" has been made, including the creation of a mechanism for further technical talks.

"The mediating parties will continue to do their utmost to ensure that the negotiations continue to be conducted in a constructive atmosphere with the aim of reaching a final deal," the two countries said.