US waives Iran sanctions, Trump says he will 'do what I have to' if Tehran misbehaves

The United States waived sanctions on Iran for 60 days from Monday after the first talks under a ​nascent peace deal, with U.S. President Donald Trump saying he will "do what I have to do" if Iran does not stick to its side of the agreement, Reuters reported.

U.S. ‌Vice President JD Vance said talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal, although Iran denied that it had begun discussions of its nuclear program.

The two sides, trying to build on the interim deal they signed last week, agreed a roadmap towards a permanent agreement within 60 days at the talks in the Qatari-owned Swiss mountain resort of Buergenstock, mediators Pakistan and Qatar said.

They also agreed ​on a mechanism to end fighting in Lebanon between U.S. ally Israel and Iran-aligned Hezbollah, and opened a communications line to help ensure safe passage for commercial ships ​through the Strait of Hormuz in order to avoid conflict in the strategic waterway.

In the first of several steps envisaged under the agreement to ⁠provide economic relief to Iran, the U.S. Treasury announced a waiver until August 21 on sanctions, allowing Tehran to sell oil and related products and receive payment for them.

Officials reported a sustained ​lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region, even as Israel said it would maintain a security zone in southern Lebanon and continue to act to "neutralise" ​threats against Israeli soldiers and citizens.

Tanker traffic through Hormuz started to pick up on Monday, with the foreign minister of Oman affirming his country's commitment to international law and toll-free safe passage during negotiations with Iran over administering the vital waterway.

U.S.-Israeli attacks on Iran, and Israeli strikes in Lebanon have killed thousands of people and displaced millions. The Iran war has also shaken markets around the world and raised global oil prices. Crude prices extended ​losses on Tuesday after settling 3% lower on Monday.