Efforts to turn this week’s US-Iran peace accord into a broader and lasting West Asia settlement hit a fresh roadblock on Friday after planned negotiations in Switzerland were postponed, even as Israel and Hezbollah agreed to halt fighting in Lebanon.The developments come days after US President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending more than three months of conflict that disrupted energy markets, closed the Strait of Hormuz and heightened fears of a wider regional war.Technical negotiations scheduled to begin on Friday at the Swiss resort of Buergenstock were postponed after both sides scaled back participation. News agency Reuters reported that US Vice President JD Vance dropped plans to attend, while Iran’s lead negotiator Mohammad Baqer Qalibaf was also not expected to participate.Switzerland later confirmed the talks would not take place as scheduled but said preparatory work was continuing.2. Israel and Hezbollah agree to a ceasefireA senior US official told Reuters that Israel and Hezbollah agreed to halt hostilities after a sharp escalation threatened the wider peace process.“We understand that after the exchange of fire earlier today, Israel and Hezbollah are now in a ceasefire,” the official said.Two Hezbollah sources told Reuters the group had implemented the ceasefire from its side, while an Israeli official confirmed the arrangement.Story continues below this ad3. Lebanon violence nearly derailed the peace processThe ceasefire followed one of the deadliest days of fighting since the interim US-Iran agreement was announced.Reuters reported that at least 18 people were killed in Israeli airstrikes across southern Lebanon, while four Israeli soldiers died in a Hezbollah attack.The Associated Press later reported the death toll in Lebanon had risen to at least 47.4. Lebanon remains the biggest test for the wider accordAlthough the US-Iran memorandum calls for military operations to cease across multiple fronts, including Lebanon, Israel was not a party to the negotiations.Story continues below this adPrime Minister Benjamin Netanyahu has repeatedly said Israel will continue acting against threats from Hezbollah and maintain forces in parts of southern Lebanon.Iran, meanwhile, has insisted that a lasting settlement requires an end to fighting in Lebanon and an Israeli withdrawal from occupied areas.5. The Strait of Hormuz remains openDespite the postponement of talks, commercial shipping continues through the Strait of Hormuz. Iran’s foreign ministry said necessary measures had been taken to ensure the safe passage of vessels, while the body overseeing the waterway confirmed traffic was moving normally.The reopening of the strait has been one of the most significant outcomes of the interim agreement after months of disruption to global energy supplies.Story continues below this ad6. Iran waives planned shipping feesReuters reported that Iran’s newly established authority overseeing the Strait of Hormuz would waive planned transit fees during the 60-day negotiation period.The move is intended to encourage the return of commercial shipping and stabilise energy markets after months of disruption.7. Oil markets remain cautiously optimisticCrude prices have eased since the agreement was signed, reflecting expectations that exports from the Gulf region will continue to recover.However, analysts have warned that a full return to normal shipping patterns could take weeks or months despite the reopening of the strategic waterway.Story continues below this adBefore the conflict, nearly one-fifth of global crude oil and liquefied natural gas supplies passed through the strait.8. Major issues remain unresolvedThe memorandum signed by Washington and Tehran does not settle the central dispute over Iran’s nuclear programme.Instead, negotiators have been given 60 days to reach a broader agreement covering uranium enrichment, inspections, sanctions relief and long-term security arrangements.Those negotiations were expected to begin in Switzerland before Friday’s postponement.Story continues below this ad9. Iran has already secured some concessionsAccording to AP, the United States has already lifted its blockade on Iranian ports and is allowing Tehran to resume oil exports following the signing of the interim deal.The agreement also envisages sanctions relief, the unfreezing of Iranian assets and the creation of a proposed $300 billion reconstruction fund if future negotiations succeed.10. Trump defends the agreement amid criticismTrump used social media on Friday to defend the deal after criticism from some Republican lawmakers who argue Washington conceded too much to Tehran.“The War has diminished Iran!” he wrote in social media posts on Friday, adding: “We didn’t meet out of desperation, Iran did. They are FINISHED! We’ll play out the 60 days. They get no money, not ten cents!”Story continues below this adThe president also maintained that the ongoing negotiations would ultimately amount to “unconditional surrender” by Iran and lead to broader changes inside the country.What happens next?While the Lebanon ceasefire has reduced immediate pressure on the peace process, the postponement of the Switzerland talks highlights how fragile the agreement remains.The next round of negotiations is expected to focus on Iran’s nuclear programme, sanctions relief and security arrangements across the region.(With inputs from agencies)