President Trump announced that a memorandum of understanding with Iran has been “largely negotiated,” pushing Bitcoin toward $77,000 as crypto markets priced in a potential de-escalation of one of the most consequential geopolitical standoffs in recent memory.
The framework deal, which Trump described on May 23-24, would require Iran to give up its stockpile of highly enriched uranium in exchange for phased sanctions relief. It also includes provisions to reopen the Strait of Hormuz, a chokepoint through which roughly a fifth of the world’s oil supply passes on any given day.
What the deal actually involves
The emerging agreement covers a lot of ground. Iran would surrender its enriched uranium stockpile, a central demand from Washington and its allies. In return, the US would end its naval blockade on Iranian ports and unfreeze some Iranian assets.
Measures to restore shipping through the Strait of Hormuz are also baked into the framework.
