US and Iran Sign Peace Deal in Switzerland

Updated: 8:20 AM PKT — June 22, 2026

Progress in the US-Iran peace talks, mediated by Pakistan and Qatar, has positively impacted global markets, causing oil prices to ease and Asian stocks to rise. The negotiations are taking place at the Buergenstock resort in Switzerland, where enhanced security measures led to temporary air traffic disruptions at Zurich airport on Sunday.

However, the diplomatic efforts were complicated by Iran’s announcement that it had reimposed its blockade of the Strait of Hormuz, even as US Vice President JD Vance met with Iranian officials. A joint statement from mediators reaffirmed progress toward a final deal within 60 days, calming initial market fears.

Updated: 7:16 AM PKT — June 22, 2026

Following the first round of high-level talks in Switzerland, the US and Iran have agreed to a 60-day roadmap to finalize a comprehensive peace agreement, according to a joint communique issued by mediators Pakistan and Qatar. The negotiations were held under the framework of the ‘Islamabad Memorandum of Understanding’.

As part of the progress, the parties have agreed to establish a high-level committee to oversee the talks, which will continue at a technical level. A de-confliction cell, including Lebanon and mediators, will be created to implement the ceasefire there, and a dedicated communication line will be established to ensure the safe passage of commercial vessels through the Strait of Hormuz. Additionally, working groups will be formed to address the nuclear program and sanctions.

Updated: 6:10 AM PKT — June 22, 2026

The historic memorandum ending the US-Iran conflict was signed by Donald Trump, the Iranian President, and Prime Minister Shehbaz Sharif. The deal, brokered with significant Pakistani diplomatic efforts led by Sharif and Army Chief Asim Munir, ends hostilities on all fronts, lifts the US blockade on Iranian ports, and reopens the Strait of Hormuz. The contentious nuclear issue will be addressed at a later date.

International support for the agreement came from China, Russia, Turkey, Qatar, and Oman. However, challenges remain, including Israel’s potential opposition and the volatile situation on the Lebanon front. The next 60 days will focus on negotiations regarding Iran’s uranium stockpile in exchange for economic incentives, including sanctions relief and access to frozen assets.