The United States and Iran have struck an interim agreement to cease hostilities and reopen the Strait of Hormuz, the narrow waterway that handles roughly 20% of global oil and LNG shipments. Bitcoin climbed approximately 2% to around $65,800, its highest level in nearly two weeks, as markets digested the prospect of easing geopolitical risk.
The deal, announced on June 14, 2026, by President Donald Trump, includes lifting the US naval blockade on Iranian ports and restoring toll-free passage through the strait. A formal signing is scheduled for June 19 in Switzerland, kicking off a 60-day negotiation window focused on Iran’s nuclear program and sanctions relief.
What happened and why it matters
The conflict dates back to February 28, 2026, when joint US and Israeli military operations against Iran threw global energy markets into chaos. The hostilities produced significant casualties and sent oil prices surging as traders priced in severe supply disruptions.
During the standoff, Iran implemented crypto-based tolls for vessels transiting the strait, charging up to $2 million per vessel, or roughly $1 per barrel of oil.
