Akshay DidwaniyaIran’s UN envoy in Geneva confirmed the Strait of Hormuz is now fully open to commercial shipping. Tehran expects another $6 billion in frozen assets to be released within 60 days and says fresh high-level talks with Washington are coming, once meaningful progress on the ceasefire memorandum is seen.
Strait of Hormuz Now Fully Open After Iran-US Ceasefire Deal
A significant diplomatic shift unfolded on Monday as Iran’s Permanent Representative to the UN in Geneva, Ali Bahreini, confirmed that the Strait of Hormuz is now entirely accessible to commercial vessels. He told journalists in Geneva that large volumes of oil had already passed through the waterway in recent days. “The Strait of Hormuz is completely open for ships, including commercial ships,” he stated.
The strait one of the world’s most critical oil transit chokepoints had faced disruption tied to the military conflict between Iran and the United States. The conflict formally began on February 28. A ceasefire memorandum of understanding, signed remotely by both nations on June 18, set timelines for lifting the naval blockade and restoring passage through the strait. Monday’s confirmation marks a visible first milestone in the deal’s implementation.
$6 Billion More in Iranian Assets to Be Unfrozen Within 60 Days
Beyond the shipping corridor, the financial terms of the agreement are also moving forward. Bahreini revealed that Iran anticipates the release of an additional $6 billion in assets that remain frozen across multiple countries following an earlier tranche that has already been freed or is about to be. “Many of our assets are frozen in many places around the world. Six billion should already be unfrozen, or it will be completed very soon. The same amount remains frozen in different countries. This is being discussed between the parties. They will be unfrozen in accordance with the progress in the implementation of the agreement. We expect this to happen within 60 days,” the diplomat said.
The asset release has already drawn attention at the highest political level. US President Donald Trump had clarified the day before that the unfrozen funds should go toward Iran purchasing agricultural goods from the United States. Vice President JD Vance, meanwhile, expressed confidence that releasing the assets would benefit Washington and contribute to Middle East stability even as he admitted earlier that Iran’s negotiating approach at times left him puzzled.
First Round of Technical Talks Concluded More High-Level Meetings Planned
The first technical round of negotiations between Washington and Tehran wrapped up early Monday. Iran’s Foreign Minister Abbas Arakchi noted that the session yielded concrete results restrictions on Iranian oil exports had been lifted, some assets freed, and a recovery plan for the republic set in motion.
The groundwork for these talks was laid in Bürgenstock, Switzerland, where on June 21 Iran and the US held direct negotiations alongside mediator nations Pakistan and Qatar. The Iranian delegation departed Switzerland for Tehran on Monday morning. Iran’s Foreign Ministry spokesperson Ismail Bagaei confirmed progress had been made.
Iran Yet to Fix Date for Next Senior-Level Encounter
On the question of what comes next, Bahreini was direct but measured. More high-level meetings between Iran and the US along with participating mediators will take place, he said, though Tehran has not yet decided on timing. “New high-level meetings with representatives of the US and the mediators will take place. But Iran has not yet decided when they will happen. This will depend on the progress in fulfilling the agreement,” he told journalists. He added that such meetings would happen when tangible progress demands the participation of senior officials.
The June 18 memorandum a landmark document for the region goes beyond the Iran-US bilateral framework. It also calls for a halt to Israeli military operations in Lebanon as part of its broader ceasefire provisions. The deal represents a significant diplomatic pivot after months of military escalation that had threatened global energy supply chains running through the Persian Gulf.
Mayur Mohta
The BRICS Times
Aditya Didwaniya
