Pakistan, June 23 -- The Swiss talks between the United States and Iran have produced movement where, only days ago, all one could hear were war horns and ultimatums. The US Treasury has issued a temporary licence allowing transactions involving Iranian crude, petroleum and petrochemical products through Aug 21. Tehran says the blockade has been lifted, some frozen assets are being released, and a reconstruction plan has been launched. Traffic through the Strait of Hormuz has begun to recover, while Brent crude has slipped below $80 as markets price in reduced supply risk.

That Pakistan and Qatar, the mediators, say the two sides have agreed on a roadmap towards a final deal within 60 days is commendable progress. Peace appears closer th...