U.S.-Iran negotiations “each talking their own way”: Trump says Iran made concessions on nuclear inspections, while Iran claims $12 billion in funds will be unfrozen.

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While the US-Iran negotiations have made some interim progress, there are obvious differences in how the two sides describe the terms of the agreement. Disputes over key issues such as the use of funds and inspection authority are intensifying market uncertainty about the outlook for the talks.

Iranian Deputy Foreign Minister Kazem Gharibabadi announced on Monday that $12 billion in frozen assets are about to enter the unfreezing implementation stage, to be disbursed in two installments of $6 billion each.

At the same time, according to Xinhua, US President Trump said on social media on the 23rd that, based on concessions made by Iran, he has agreed to allow the Strait of Hormuz to remain open and will no longer implement a maritime blockade.

Trump also insisted that Iran has agreed to accept "the highest level" of inspections, emphasizing that without this commitment, the negotiations would not proceed. However, Iran’s statements regarding the inspection arrangements are sharply different, and contradictions between the public statements of both sides are becoming increasingly apparent.

These differences have caused the market to remain cautious about the substance of the agreement. Brent crude oil fell slightly by 0.8% on Tuesday to below $77 a barrel. Oil prices have dropped significantly from the late April high of nearly $125 but are still above pre-war levels, reflecting that it may take several months for oil and gas flows through the Strait of Hormuz to return to normal.

Unfreezing of funds: Both sides tell their own story

According to Iran’s semi-official Mehr News Agency citing Gharibabadi’s remarks, $12 billion in frozen assets will immediately enter the implementation phase. According to informed sources, these two $6 billion tranches were first agreed upon in the Doha negotiations, with a formal signing ceremony originally planned for Switzerland.

However, US Vice President JD Vance made it clear on Monday that the assets have not yet been officially unfrozen. If eventually unfrozen, the use of the funds will be strictly limited and only available for the purchase of US agricultural products, including soybeans, wheat, and corn. Trump also stated that the funds will be kept in an escrow account controlled by the US, exclusively for purchasing food and medical supplies.

Iran has rejected this. Iran’s UN Ambassador Ali Bahreini said at a UN press conference: "Iran is the only country with the right to decide how to use its assets."

According to the current framework reported, if the two sides finally reach a comprehensive agreement, the total scale of sanctions relief and asset unfreezing could be as high as $50 billion.

Inspection differences: The main focus of contention

In his statement, Trump claimed that Iran had agreed to accept “the highest level” of inspections, describing it as a safeguard for “nuclear integrity” and saying it is a precondition for continuing negotiations. Vance previously stated that Tehran had agreed to allow the International Atomic Energy Agency (IAEA) access to its nuclear facilities.

But public statements from Iran’s leadership differ significantly from this, essentially indicating “not so fast.” This is one of several major contradictions that emerged in public statements after the talks in Switzerland ended.

Notably, Iran’s UN Ambassador Ali Bahreini said that transferring enriched uranium to Russia’s custody is "under consideration." Analysts believe that if this plan goes ahead, it could help bridge the gap between the two sides on the inspection issue to some extent.

Technical working groups launched, negotiation framework gradually taking shape

According to Xinhua News Agency, in the technical talks held in Switzerland, all parties agreed to set up four working groups responsible for sanctions relief, nuclear issues, economic reconstruction and development, and monitoring and implementation. In addition, the parties decided to establish a special "contact point" to ensure the safe passage of merchant ships through the Strait of Hormuz and to establish a conflict prevention mechanism concerning the situation in Lebanon.

Gharibabadi stated that the next stage of negotiations will be hosted by a high-level committee, with Iranian Speaker Mohammad Bagher Ghalibaf, Iranian Foreign Minister Araghchi, US Vice President Vance, Pakistani Prime Minister Shehbaz, and Qatari Prime Minister and Foreign Minister Mohammed in attendance.

The US Treasury Department has announced temporary sanctions waivers, allowing the sale of Iranian oil and petrochemical products until August 1. Shipping traffic through the Strait of Hormuz is recovering, indicating a restoration of confidence among shipowners and operators in the route.

Regional situation remains uncertain

While negotiations have made progress, regional tensions have not completely dissipated. Clashes between Israel and Iran-backed Lebanese Hezbollah continue, with sporadic exchanges of fire in southern Lebanon. Hezbollah claims that Israeli military operations violate the ceasefire agreement.

Israeli Ambassador to the UN Danny Danon said in a Bloomberg TV interview that Lebanon’s military cannot deal with Hezbollah alone, but Israel has "no intention to stay in Lebanon."

US Secretary of State Marco Rubio will visit the UAE, Kuwait, and Bahrain this week, seeking to reassure regional allies that the interim agreement signed with Iran last week is beneficial to regional security and economic interests. The Strait of Hormuz will also be a major topic of Rubio’s trip.

After leaving Switzerland, Ghalibaf stated that the Strait of Hormuz "will never return to its pre-war state" and that Iran will manage this strategic waterway in accordance with international law. Vance said negotiators have "established mechanisms" to ensure the Strait remains open.

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