Iran's Foreign Minister Abbas Araghchi hailed "major progress" this morning after his country came back to the negotiating table to agree a "roadmap to a final peace deal" with the US within 60 days.
The Iranians had earlier stormed out of talks after Donald Trump threatened to "blow the s**t out of them".
But Pakistani and Qatari mediators appear to have coaxed them back to try and secure a permanent end to the war.
Under the roadmap, the US and Iran have agreed to create a "de-confliction cell" with the Lebanese Government to ensure the fighting stops in Lebanon.
Israel and Iran-backed terror group Hezbollah had kept exchanging fire despite Donald Trump's memorandum of understanding (MOU).
As a result, Mr Trump told Iran to tell the group to stop - or risk being "hit very hard again".
Mr Araghchi said the "first real test" of the roadmap will be the effectiveness of that effort in Lebanon.
The US and Iran will also set up a "communication line" to "avoid incidents and miscommunication" in the Strait of Hormuz under Monday morning's roadmap.
Mr Araghchi also claimed that frozen assets had been released, and the "major reconstruction and development plan" had been launched.
But the Pakistan-Qatar joint statement - which outlines the communication line and "de-confliction cell" - does not mention any unfreezing of Iranian assets.
The White House, meanwhile, has not yet commented.
Vice President JD Vance had started the talks with Iranian officials in Switzerland on Sunday under the terms of the MOU.
That treaty, signed in Versailles, was reached last week to extend a dicey ceasefire for at least another 60 days.
Discussions in Switzerland then rumbled on until the early hours of Monday.
Just before talks officially began on Sunday, Mr Trump told Fox News that he'd told the Iranians "you won't have a country" if they tried to close the strait again.
The President also repeated an earlier warning that the US would take over the waterway and even charge a toll of its own.
He said he had signed the MOU to avert a global economic depression from high oil prices caused by the strait's closure.
The economies of the world then looked on in relief after oil prices fell back to pre-war levels.
After the joint statement, Brent crude futures fell further, sinking to $79.44 a barrel.
Now, technical discussions will continue for the rest of the week in the Qatari-owned Swiss mountain resort of Burgenstock.
The Iranian delegation is being led by chief negotiator Mohammad Ghalibaf and included Mr Araghchi alongside senior security, banking and oil officials.
After storming out the talks, Iran said they had "paused" - but not ended.
"We do not take American threats into account," bristled Mr Ghalibaf, after Mr Trump's threat.
"They would do better to be careful with their statements; our armed forces are ready to respond to them in a different manner. No matter what they say, we are the ones who act," he crowed.
In addition to Mr Vance, the American team included special envoys Steve Witkoff and Jared Kushner.
Pakistani Prime Minister Shehbaz Sharif and its army chief Field Marshal Syed Asim Munir, were also in Switzerland to help the sessions progress as mediators, alongside a Qatari delegation.
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