President Donald Trump announced at the G7 summit in France on June 16 that the US and Iran have reached an agreement ensuring Tehran will never obtain or develop nuclear weapons. Bitcoin responded by pushing past $67,000 as markets shifted into risk-on mode on the back of reduced geopolitical uncertainty.
“Iran will never have a nuclear weapon, that’s what it says,” Trump told reporters at the summit, adding that he intends to release the full text of the agreement in a formal setting. The deal was virtually signed on June 15, with Qatar and Pakistan serving as mediators between Washington and Tehran.
What the deal actually covers
The agreement establishes a 60-day technical phase during which both sides will continue dialogue on Iran’s nuclear capabilities. It also addresses the lifting of port blockades and the reopening of the Strait of Hormuz, a narrow waterway through which roughly a fifth of the world’s oil supply passes on any given day.
Trump also dismissed claims that the US made $300 million in payments to Iran as part of the arrangement, calling the reports “fake news.” He emphasized that any violation of the pact would carry severe consequences, though he did not elaborate on what those consequences would look like.
