Commerzbank Says Mediators See 'Progress' in US-Iran Talks, Treasuries Pare Gains

07:20 AM EDT, 06/22/2026 (MT Newswires) -- The U.S. and Iran made "encouraging progress" during peace talks in Switzerland, mediators Qatar and Pakistan have said, according to a note from Commerzbank. U.S. Treasuries recovered, then pared some of their gains.

Commerzbank said that the sides in the talks established "a communication line to ensure the safe passage for commercial ships through the Strait of Hormuz, and pursue a roadmap toward a final deal within 60 days."

Iran's semi-official Tasnim news agency reported that the strait won't reopen until the Lebanon ceasefire holds, according to Commerzbank. US President Donald Trump reportedly warned Iran that the U.S. "will take over your country" if the strait is closed, with Iranian media saying that Tehran's delegation refused to return to direct quadrilateral talks following Trump's threat.

Asian stocks were "mostly supported" while the euro is rangebound and Brent crude lower, last trading about 1.7% down. US Treasuries recovered then pared "some gains," the bank said. The benchmark 10-year yield was up about 3.2 basis points recently to 4.485%. China's central bank left loan prime rates, or LPRs, unchanged "as expected," Commerzbank said.

In Europe, Germany's pension reform committee agreed on an increase in the retirement age and on the portion of pension contributions to be invested in stocks ahead of Tuesday's official presentation, Commerzbank said. In Italy, Prime Minister Giorgia Meloni said on Instagram that Trump's "unprovoked attacks are senseless."

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