President Trump announced a preliminary memorandum of understanding with Iran on June 13-14, 2026, covering a 60-day ceasefire extension and plans to reopen the Strait of Hormuz for oil shipments. Bitcoin responded almost immediately, surging past $63,000 and peaking near $64,349 as traders interpreted the deal as a meaningful reduction in geopolitical risk.
The agreement, announced via Truth Social, outlines a framework for further negotiations on Iran’s nuclear program and the removal of the US naval blockade on Iranian ports.
What the deal actually covers
The MOU establishes two core components. First, an extension of the existing ceasefire for 60 days. Second, a commitment to reopen the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil supply flows on any given day.
Iran has yet to fully confirm the terms as presented by the US side. There are visible discrepancies between what Washington announced and how Tehran has responded.
