President Donald Trump confirmed a memorandum of understanding with Iran on Monday, announcing the agreement upon his arrival at the G7 summit in Évian-les-Bains, France. The full text of the deal will be released following a formal signing ceremony scheduled for Friday, June 19.
The agreement includes the reopening of the Strait of Hormuz for commercial shipping without tolls and the lifting of the US naval blockade on Iranian ports. Bitcoin responded by surging past $65,000, with prices reaching as high as $65,860 in some trading sessions as markets priced in a meaningful de-escalation of Middle Eastern tensions.
What’s in the deal
The framework establishes a 60-day ceasefire between the US and Iran. The Strait of Hormuz, which handles roughly 20% of global oil trade, is expected to be fully open by Friday, according to Trump’s remarks.
Iranian officials have confirmed the MoU, pointing to the same June 19 target date for the formal signing. Sanctions relief is reportedly on the table, with discussions potentially involving the release of up to $25 billion in frozen Iranian assets.
