President Donald Trump announced on June 11 that he had called off scheduled military strikes against Iran, claiming that a diplomatic agreement between Washington and Tehran is close to completion. The reversal came after discussions with top Iranian officials and, according to Trump, approval from regional allies including Israel and Saudi Arabia.
In a post on Truth Social, Trump described the potential agreement as a “strong and powerful deal” and suggested the Strait of Hormuz, a critical chokepoint for global energy markets, could reopen within days of a signing. Bitcoin, which had already been reacting to every twist in the conflict, pushed above $63,000 on the wave of peace optimism.
From strikes to signatures
The diplomatic pivot came in the wake of a serious military escalation. Iran had downed a US Apache helicopter near the Strait of Hormuz, prompting US retaliation and raising fears of a broader conflict in the region. Trump’s response had initially been aggressive, with threats to “hit Iran very hard.”
Then the tone shifted. Rather than following through on planned strikes, Trump signaled that backchannel negotiations had progressed to the point where documents were in “pretty final shape.”
