The White House is betting that a freshly inked interim deal with Iran can unwind a global energy crisis that has rattled markets since late February. The agreement, electronically signed around June 13-15, focuses on halting hostilities and reopening the Strait of Hormuz, one of the most critical chokepoints for global oil supply.
Roughly a fifth of global oil passes through the Strait of Hormuz on any given day.
How we got here
The crisis traces back to February 28, when US and Israeli strikes targeted Iran. Tehran’s response was to close the Strait of Hormuz, effectively slamming the door on a massive portion of global energy supply.
In the months that followed, the US pursued a multi-pronged pressure campaign. Part of that strategy included seizing around $1 billion in crypto assets linked to Iran, an aggressive move designed to tighten the sanctions vise.
