Iran and the United States are on the verge of finalizing a memorandum of understanding designed to end hostilities that have persisted for roughly 84 days. The proposed 14-point framework would halt a naval blockade in the Strait of Hormuz and kick off a 30- to 60-day window for deeper negotiations on Iran’s nuclear program, sanctions relief, and other sticking points.
Bitcoin responded by surging past $82,000 for the first time in three months. Oil, meanwhile, went in the opposite direction, with WTI crude dropping more than 6% in a single session as traders recalibrated their risk models around the prospect of Middle Eastern de-escalation.
What’s in the deal
Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed on May 23, 2026, that the two sides are close to wrapping up the MOU. The agreement is being brokered with the help of US envoys Steve Witkoff and Jared Kushner, with Pakistan and Qatar serving as mediators.
US President Donald Trump indicated the agreement is “largely negotiated” and suspended a planned military strike to make room for diplomacy.
