Oil prices cratered more than 4% after the US and Iran announced a framework agreement that, if fully realized, would reopen one of the world’s most critical shipping lanes and fundamentally reshape the energy supply picture. Brent crude slipped toward $82-83 per barrel, approaching three-month lows.
Bitcoin, meanwhile, climbed above $65,500, hitting a two-week high as traders rotated into risk assets.
What the deal actually covers
The framework, announced over the June 14-15 weekend, is ambitious in scope. It calls for extending a ceasefire, ending hostilities in Lebanon, reopening the Strait of Hormuz, and lifting the US naval blockade that had been choking Iranian oil exports and rattling global shipping routes.
The Strait of Hormuz handles roughly 20% of the world’s oil transport. The agreement also establishes a 60-day negotiating window for discussions on Iran’s nuclear program.
