Oil dropped nearly 5%. Bitcoin jumped above $66K. Global equities rallied. All because two countries that were actively bombing each other a few months ago sat down and signed a piece of paper.
On June 14-15, 2026, US and Iranian officials finalized a 60-day memorandum of understanding aimed at extending a ceasefire, reopening the Strait of Hormuz for commercial shipping, and lifting the US naval blockade on Iranian ports. The formal signing is expected to take place in Switzerland on June 19.
What the deal actually covers
The framework grew out of a conflict that escalated sharply on February 28, 2026, when US and Israeli military strikes hit Iranian targets. A ceasefire followed in April, and by May, reports indicated a broader agreement was taking shape. Pakistan played a crucial mediating role in getting both sides to the table.
The MoU establishes a 60-day window after signing during which the two sides will negotiate on Iran’s nuclear program and the potential release of up to $25 billion in frozen Iranian assets. That release is tied to compliance measures, meaning Tehran doesn’t get a blank check. It gets a conditional one.
