Vice President JD Vance said Thursday that Iran is complying with the early terms of its preliminary peace agreement with the United States, while announcing that a 60-day window to negotiate a final deal has officially begun.
Vance highlighted early economic benefits stemming from the agreement, pointing to increased oil shipments through the Strait of Hormuz and declining fuel prices in the United States.
“Last night, 12.5 million barrels of oil [went] into the Strait of Hormuz. That is a high since the beginning of the conflict,” Vance told reporters at the White House. “Gas prices dropped below $4 a gallon today for the first time since the conflict, and importantly, they’re going to keep falling further.”
The vice president also cited support for the agreement from Pope Leo XIV and Sen. Lindsey Graham, who has been one of the administration’s most prominent Republican allies on foreign policy.
“On the military side, the Iranians, for the second night in a row, did not shoot at any ships in the Strait of Hormuz, so far they are honoring their end of the commitment,” Vance said. He added that US Central Command has also begun allowing ships through the naval blockade in accordance with the early terms of the agreement.
Vance has emerged as the administration’s lead negotiator on the Iran talks, working alongside special envoy Steve Witkoff and presidential adviser Jared Kushner. The vice president has also become the chief public defender of the agreement amid skepticism from some congressional Republicans who believe the deal may be too favorable to Tehran.
President Donald Trump joked about the political stakes surrounding the negotiations, saying Wednesday, “If it works out, I’m going to take the credit. If it doesn’t work out, I’m blaming JD.”
Vance argued that regardless of the agreement’s ultimate outcome, Iran’s strategic position has been significantly weakened. “Their nuclear program has been completely destroyed,” he said. “Their conventional military is still destroyed. Their capacity to threaten their neighbors is still largely gone.”
The vice president acknowledged that major questions remain unresolved and said his anticipated trip to Switzerland for follow-up talks with Iranian officials could be delayed. He described the next phase as a complex technical negotiation involving both political leaders and subject matter experts.
Under the memorandum of understanding, the United States has agreed to lift its blockade, waive certain oil sanctions and support the creation of a potential $300 billion Gulf Arab reconstruction fund for Iran. However, Vance stressed that Tehran will only receive economic benefits if it fulfills its obligations.
“We’re not releasing a single dollar of that money until the Iranians perform,” Vance said, noting that estimates of frozen Iranian assets range from more than $100 billion to over $200 billion and that most of those funds are held outside the United States.
Vance concluded that divisions within Iran’s leadership appear to favor more pragmatic voices and argued that the agreement creates two possible outcomes favorable to Washington.
“If the Iranians don’t change their behavior, their military and their nuclear program is still destroyed,” he said. “If they do change their behavior, then they are going to have a transformative relationship with the Middle East.”
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