The US and Iran are moving toward a memorandum of understanding that would reopen the Strait of Hormuz, the narrow chokepoint through which roughly 20% of the world’s oil supply flows. The deal, if finalized, would mark the most significant de-escalation since US-Israeli strikes kicked off a broader conflict with Iran on February 28, 2026.
Iran has been exploring the use of Bitcoin and other cryptocurrencies as payment mechanisms for transit fees and tanker insurance through the strait, turning what looks like a traditional geopolitical negotiation into something with direct implications for crypto markets.
What’s on the table
The proposed MOU centers on a 60-day ceasefire extension. During that window, commercial shipping would pass through the strait without tolls, Iran would be allowed to resume oil sales, and both sides would begin formal talks on Iran’s nuclear program.
President Trump confirmed on May 23 that the agreement was “largely negotiated” and that an announcement was imminent. But as of June 12, Iranian officials indicated that no final deal had been reached. Iran has demanded concessions that include the release of approximately $24 billion in frozen assets.
