President Donald Trump announced on Truth Social that a memorandum of understanding with Iran is set to be signed on June 14, a deal that would reopen the Strait of Hormuz to maritime traffic and extend a 60-day ceasefire. Bitcoin responded by climbing above $63,000 following the announcement.
The MOU, announced on June 13, would permit Iran to resume unrestricted oil sales while both sides continue discussions over Iran’s nuclear program.
What’s actually in the deal
The agreement centers on three pillars: an immediate reopening of the Strait of Hormuz to all shipping traffic, a 60-day ceasefire extension, and a framework for Iran to sell oil without restriction during the negotiation window.
The Strait of Hormuz is one of the most important chokepoints in global energy. Roughly a fifth of the world’s oil supply passes through it on any given day.
