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US Vice President JD Vance on Monday suggested that the US could agree to unfreeze Iranian assets for purchases of soy, corn and wheat. 

He also said that the latest round of talks with Iran had laid a “good foundation” for a final agreement aimed at ending the conflict that erupted in late February.

“The final deal is the house,” Vance told reporters. “We have laid the foundations. We have not built the house yet, but we have established a solid basis for reaching an outcome that serves the interests of the American people.”

His remarks came after he and Iranian Parliament Speaker Mohammad Bagher Qalibaf concluded an extended round of preliminary talks on Monday, focused on securing a lasting end to hostilities between the two countries, CTV reported.

Swiss Talks Ended

The Swiss-mediated talks, held at the Bürgenstock resort near Lake Lucerne, began on Sunday and continued into the early hours of Monday. While negotiations were at times fraught, both sides emerged with a number of areas of agreement.

In a joint statement, mediators Pakistan and Qatar said that although the high-level discussions had concluded, technical negotiations would continue in Switzerland later this week.

The mediators welcomed what they described as “encouraging progress”. A senior US diplomat said advances had been made on several issues, including the creation of mechanisms to keep the Strait of Hormuz, a crucial route for global energy shipments, open and to preserve the ceasefire between Israel and Iran-backed Hezbollah fighters in southern Lebanon.

However, the talks were briefly disrupted by comments from US President Donald Trump, who was not present at the summit but continued to weigh in from afar. His remarks reportedly angered Iranian officials and led to a temporary pause in negotiations.

Iranian state media reported that talks were suspended following the publication of what it described as an “insulting message” from the US President.

Despite the setback, the Iranian delegation remained at the venue and discussions resumed, according to the senior US diplomat, who spoke on condition of anonymity.

Trump Skipped 'Lake Lucerne Summit'

Trump did not attend the so-called “Lake Lucerne Summit”, but his influence was felt throughout the negotiations. Ahead of the talks, Iranian President Masoud Pezeshkian reiterated that Tehran would “never back down from its right to enrich uranium”, according to state media.

Trump, meanwhile, warned Iran against escalating tensions in Lebanon and renewed threats of military action in social media posts published while negotiations were underway.

Iranian Foreign Minister Abbas Araghchi later said Pakistani and Qatari mediation efforts had delivered “major progress” towards ending the conflict in Lebanon. However, he cautioned that the first real test of the process would be whether the proposed mechanisms succeeded in preventing further clashes between Israel and Hezbollah.

Strait Of Hormuz, Lebanon Discussed

Among the issues discussed was Iran’s stance on the Strait of Hormuz. Tehran had claimed to have closed the strategic waterway on Saturday in response to the ongoing conflict in Lebanon, although US Central Command disputed that assertion.

The interim agreement reached last week between Washington and Tehran established a 60-day framework for negotiators to resolve outstanding disputes, including the future of Iran’s nuclear programme and the fate of frozen Iranian assets.

Although the talks cover a broad range of issues, Iranian officials have insisted that developments in Lebanon remain their immediate priority.

A ceasefire that took effect in Lebanon on Saturday appeared to be holding on Monday. Israel said it would ease movement restrictions near the Lebanese border, while neither Israeli forces nor Hezbollah reported major military activity overnight.

The relative calm marks the longest lull in fighting since the latest Israel-Hezbollah conflict erupted on 2 March.