The Dow Jones Industrial Average closed at an all-time high on June 15 after the US and Iran announced a preliminary agreement to extend their ceasefire and reopen the Strait of Hormuz. Oil prices cratered over 4% on the news, hitting their lowest levels since March 2026, and suddenly the mood across every asset class shifted from anxious to something approaching giddy.
The Nasdaq posted gains of roughly 3%, while the S&P 500 also moved sharply higher. Bitcoin, never one to miss a party, climbed above $65,000 during the session, with some trading desks reporting peaks near $65,958. The broader crypto market followed suit, as Ether, Solana, and XRP all caught a bid from traders rotating into risk assets.
What the deal actually involves
The announcement describes an interim framework, not a final treaty. An official signing ceremony is planned for Switzerland, with a 60-day window for further negotiations on the remaining sticking points.
The most immediate and market-relevant provision is the reopening of the Strait of Hormuz. That narrow waterway handles roughly 20-25% of the world’s seaborne oil transport.
