Iran announced that it had reached an agreement with the United States to release $12 billion of its frozen assets during the first round of talks hosted by Switzerland on Sunday, in which the two sides announced progress toward signing a permanent agreement to end the war.

Iran's chief negotiator, Mohammad Baqer Qalibaf, said that during the talks, it was agreed to release $12 billion of frozen Iranian assets, noting that it was also agreed to establish a line of communication on the passage of ships in the Strait of Hormuz to avoid any conflict.

The Iranian official reiterated that his country will take over the management of the Strait of Hormuz, saying that "the Strait of Hormuz will never return to pre-war conditions, and will be administered by the Islamic Republic of Iran, in line with international law," according to Iran's official news agency IRNA.

Tehran: We are not obliged to buy US wheat with frozen funds

Iran's Tasnim news agency quoted the governor of Iran's Central Bank Abdolnaser Hemmati as saying that the signed memoranda does not include any obligation to purchase agricultural materials from the United States.

Hemmati said the use of the first batch of $6 billion is based on the agreement signed with Washington in 2023, which includes the purchase of basic goods and medicines.

He added that the rest of the frozen funds will not necessarily be allocated to basic commodities and we can buy other goods that are not subject to sanctions, adding that "there is no objection to buying American agricultural materials if the prices and quality are lower than in other countries."

Trump: Iran is doing very well in the Strait of Hormuz

US President Donald Trump said on Monday evening that Iran is doing very well with regard to the Strait of Hormuz, noting that the strait is "completely open".

"As long as Iran respects us, we will not have any problem," he told reporters, while threatening that "if Iran does not abide by its agreement, or if it does not behave appropriately, I will do what I have to do."

Trump accused a number of European allies of failing to support the United States in its confrontation with Iran, ahead of NATO Secretary-General Mark Rutte's visit to Washington.

Trump said at the White House that the United States had spent large sums over the years to help protect Europe, but that key allies did not side with Washington when it asked for support during the conflict with Iran.

"We asked them to come, but they weren't there for us," Trump said, without giving details about the nature of the support the U.S. was seeking out.

Rubio in the Gulf today

U.S. Secretary of State Marco Rubio will begin a visit on Tuesday that includes the United Arab Emirates, Kuwait and Bahrain to discuss "the memorandum of understanding with Iran, efforts to ensure full and free passage through the Strait of Hormuz, and the importance of peace and stability in the region," and will also attend the Gulf Cooperation Council (GCC) meeting in Bahrain.

Doha and Islamabad announced in a joint statement on Monday the conclusion of the first round of high-level talks, held between Washington and Tehran in Switzerland with the participation of mediators.

The statement confirmed that the two sides agreed on a roadmap aimed at reaching a final agreement within 60 days, establishing a channel of communication between the parties to avoid accidents and misunderstandings and ensure the safety of commercial navigation through the Strait of Hormuz.