The US and Iran have agreed to a framework peace deal that includes a 60-day ceasefire and the reopening of the Strait of Hormuz, one of the most strategically significant shipping lanes on the planet. The formal signing is scheduled for June 19 in Switzerland.
Markets didn’t wait for the ink. Bitcoin jumped to a two-week high above $65,500, briefly touching nearly $66,000 in the hours following the mid-June announcement. Oil, meanwhile, fell approximately 5% to settle around $80 per barrel, a dramatic cooldown from the $120 highs seen back in March.
That March-to-June move in oil represents a roughly 33% decline. The Strait of Hormuz handles about a fifth of the world’s daily oil consumption.
What’s in the deal, and what’s not
This framework agreement establishes a 60-day ceasefire window meant to create space for deeper negotiations. Those issues, specifically Iran’s nuclear program and sanctions relief, have been deliberately deferred to future talks.
