The US and Iran announced a preliminary memorandum of understanding on June 15, extending their ceasefire by 60 days and agreeing to reopen the Strait of Hormuz. Bitcoin responded by climbing to a two-week high around $66,000 to $67,000.
What the agreement actually covers
The MoU includes three concrete commitments: a 60-day extension of the existing ceasefire, the lifting of blockades, and the reopening of the Strait of Hormuz. Roughly 20% of the world’s oil supply passes through that narrow waterway. A formal signing ceremony is scheduled for June 19 at the Bürgenstock resort in Switzerland. Electronic signatures from US President Donald Trump and Iranian officials have already been reported.
Conflicting statements from both nations about toll structures and operational details of the Strait’s reopening hint at how difficult the remaining negotiations will be.
US-Israeli strikes on Iranian facilities in April and May of 2025 represented a significant escalation in the lead-up to this agreement.
