The United States and Iran have reached a memorandum of understanding to de-escalate their three-and-a-half-month military conflict. The interim agreement includes a 60-day ceasefire extension and the critical reopening of the Strait of Hormuz to all shipping traffic. The US naval blockade on Iranian ports is also set to be lifted.
A formal signing is expected on June 19, potentially in Europe. Iran’s nuclear program remains a subject for continued discussions, with President Trump indicating military action could resume if those talks fail. Pakistan served as the central mediator throughout the negotiations.
Global markets quickly absorbed the news, with crypto prices leading the risk-on charge. Bitcoin surged past $63,000, and major altcoins like Ether and Solana posted gains between 3% and 6%. The rally reflects a release of pressure in global energy markets, as the Strait of Hormuz handles roughly one-fifth of the world’s daily oil supply. The immediate future of the market now hinges on the progress of nuclear talks within the 60-day window.