Burgenstock, Switzerland - Vice President JD Vance said Monday that a first round of US-Iran talks in Switzerland had laid a good foundation for reaching a final deal on ending the Middle East war.

"We laid a very good foundation for a successful final deal," Vance told reporters at the Burgenstock resort in central Switzerland, following negotiations that started on Sunday and went on into the night.

"The final deal is the house. We set the foundation; we haven't built the house, but we've laid a successful foundation to get to a good place for the American people," he continued.

"It's important for all of us to appreciate how much was done, but honestly, there is still a lot to do as we continue to make progress on the nuclear talks, on the economic talks, as we continue to demine the straits and ensure that that flow of traffic continues to pick back up... A lot of progress but still some work to do – and we're very committed to doing exactly that."

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He insisted that the strategic Strait of Hormuz waterway "is open," with "millions and millions of barrels of crude and natural gas flowing through... that weren't flowing before."

The talks between the US and Iran, at the plush Burgenstock complex overlooking Lake Lucerne, were mediated by Pakistan and Qatar.

Vance said he would be returning to the US following the press conference.