The US and Iran have signed a 60-day ceasefire extension that reopens the Strait of Hormuz to commercial shipping, effectively ending a standoff that choked roughly 20% of the world’s oil trade since late February. Oil prices dropped approximately 3% on the news. Bitcoin climbed above $65,000.
What the deal actually says
The US lifts its naval blockade on Iranian ports. In return, Iran commits to clearing naval mines and ensuring unrestricted transit through the Strait of Hormuz for the next 60 days. Commercial shipping can pass toll-free during that window. Iran has a 30-day deadline to remove the mines it deployed during the crisis.
The agreement was reportedly signed by both parties around June 19, following framework negotiations that picked up pace in mid-June 2026. The nuclear file remains open, deferred to future rounds of talks that don’t yet have a firm timeline.
How the crisis unfolded
