The Trump administration and Iran have reached a tentative peace deal that would allow Iran to start selling oil the moment the agreement is formally signed. That signing is expected around June 19 in Switzerland, and the ripple effects are already reshaping global markets.
Brent crude dropped over 5% on the news, falling toward $80 per barrel. Bitcoin, meanwhile, climbed roughly 2% and briefly topped $65,500 for the first time in two weeks.
What the deal actually includes
The core of the agreement centers on ending hostilities between the US and Iran and reopening the Strait of Hormuz. Roughly a fifth of the world’s petroleum passes through that narrow waterway on any given day, so its closure during the conflict created a supply squeeze felt everywhere from gas stations to derivatives desks.
Under the terms of the tentative accord, the US would lift its naval blockade on Iranian ports. Washington would also grant sanctions waivers covering banking, transportation, and insurance.
