Iran president to visit Pakistan as US talks enter 2nd phase

Iranian President Masoud Pezeshkian will travel to Pakistan on Tuesday, Tasnim News Agency reported, as US and Iranian negotiators in Switzerland wrapped up the first phase of talks with what mediators called "encouraging progress" and agreed to move to technical consultations.

"The meeting took place in a constructive and positive atmosphere," Pakistan and Qatar, which are mediating the dialogue, said in a joint statement. "The parties managed to achieve encouraging results, including laying the foundation for further technical consultations."

The visit comes as Vice President JD Vance leads a US delegation meeting Iranian officials in Bürgenstock, Switzerland, to expand last week's interim accord on ending hostilities, curbing nuclear risks and keeping the Strait of Hormuz open. The 60-day deal, signed by Trump and Pezeshkian, allows Iran to sell its oil freely and paves the way for Tehran to tap into billions of dollars in frozen assets, while requiring Iran to dilute its stockpile of highly enriched uranium. Oil futures dropped almost 8% after the White House announced the agreement a week ago.

Iranian Foreign Ministry spokesman Esmail Baghaei said technical groups from both sides will continue consultations on June 22, discussing the preparation of a final agreement and the necessary aspects for implementing the signed memorandum of understanding. The Strait of Hormuz handles about 21% of global oil trade, making any disruption a direct risk to crude prices and energy markets worldwide.

The Pakistan visit signals a strengthening of bilateral ties between Tehran and Islamabad at a critical juncture. The two countries have discussed energy cooperation including the long-stalled Iran-Pakistan gas pipeline, which could provide Pakistan with access to Iranian natural gas despite US sanctions. Any progress on energy infrastructure would carry implications for regional supply routes and trade dynamics.

Talks in Switzerland faced early tension after President Trump posted threats on social media, prompting Iran's lead negotiator Mohammad Bagher Qalibaf to respond sharply. Iran has also pressed for discussions on the conflict in Lebanon, where Israeli forces have been fighting the Iranian-backed Hezbollah militant group, before addressing other issues. A renewed ceasefire in Lebanon, brokered on Friday, appeared to be holding as of Sunday.

The last time US-Iran negotiations reached a comparable stage was during the 2015 Joint Comprehensive Plan of Action talks, which produced a deal that Trump abandoned during his first term. The current agreement faces criticism from Republican hard-liners who have unfavorably compared it to the Obama-era nuclear accord.

This article is for informational purposes only and does not constitute investment advice.