President Trump stated in early June that negotiations with Iran are "largely negotiated," with a potential agreement that could include a ceasefire extension and the reopening of the Strait of Hormuz. The strait, a critical oil chokepoint, has been disrupted for months due to regional tensions.
Defense Secretary Pete Hegseth said talks are productive and Iran is "coming in our direction." Vice President JD Vance noted negotiators are "very close" to a final agreement. However, reports suggest Iran may have paused engagement, conflicting with the White House's optimistic timeline. Roughly 20% of global oil supply passes through the Strait of Hormuz, and its disruption has kept a risk premium on crude oil prices. Bitcoin has traded flat during this period.