The United States and Iran have struck an interim agreement to reopen the Strait of Hormuz, the narrow waterway that carried roughly 20% of the world’s oil supply before hostilities shut it down earlier this year. The deal, announced on June 14, calls for toll-free commercial shipping to resume and the lifting of the US naval blockade on Iranian ports.
Markets responded immediately. Oil dropped nearly 5% to settle around $81 per barrel. Bitcoin climbed approximately 2%, reaching between $65,700 and $65,820, its highest level since early June.
What the deal actually includes
The agreement extends the existing ceasefire by up to 60 days, creating a window for continued negotiations over Iran’s nuclear program. A formal signing is targeted for June 19 in Switzerland.
The conflict traces back to February 28, when US and Israeli military strikes on Iran triggered a chain of escalations that eventually choked off shipping through the strait.
