President Donald Trump is tempering expectations around a framework agreement with Iran, cautioning that the deal set for formal signing on Friday is not final. The Memorandum of Understanding, scheduled for a ceremony in Geneva on June 19, still requires further negotiations on some of the thorniest issues in US-Iran relations, including Iran’s nuclear program.
Crypto markets, however, didn’t get the memo about waiting. Bitcoin surged past $66,000 on the announcement, and the broader crypto market added an estimated $60 billion in market capitalization as traders priced in what they see as a meaningful reduction in geopolitical risk.
What the deal actually covers
A central piece of the framework involves reopening the Strait of Hormuz to all shipping after the signing. Roughly 20% of global oil passes through that narrow waterway, and any disruption there sends energy markets into a tailspin.
WTI oil prices fell approximately 5% following the announcement.
