The G7 summit kicked off in Évian-les-Bains, France, on June 15 with one topic dominating the agenda: the newly announced US-Iran framework agreement that could end a 15-week conflict responsible for roiling global energy markets.
Bitcoin surged past $66,000 while West Texas Intermediate crude dropped 5% as traders digested the implications of a deal that, if finalized, would reopen one of the world’s most critical energy chokepoints.
What the deal actually involves
French President Emmanuel Macron is hosting the three-day summit, which runs through June 17. The US-Iran memorandum of understanding has been described as largely complete by US officials, with a formal signing ceremony scheduled for June 19 in Switzerland.
The centerpiece of the agreement is the reopening of the Strait of Hormuz, which handles roughly a fifth of the world’s oil supply. Beyond the immediate energy implications, the framework also includes initial discussions on nuclear measures and sanctions relief.
