The US and Iran signed a framework peace agreement on June 15, 2026, aimed at reopening the Strait of Hormuz for commercial shipping and winding down hostilities that have rattled global markets for over a year. The deal immediately lifts the US naval blockade on Iran and sets a 60-day window for deeper negotiations covering Iran’s nuclear program and broader sanctions relief.
Roughly 20% of global oil trade passes through the Strait of Hormuz, making it the single most important chokepoint in the energy supply chain.
Oil craters, Bitcoin climbs
WTI crude dropped approximately 5% on the news, falling under $81 per barrel. Oil was trading near $120 per barrel at its March highs, meaning the commodity has now shed roughly 33% from those peaks as diplomacy replaced confrontation.
Bitcoin surged to a two-week high in the range of $65,800 to $66,000, gaining around 2-3% following the announcement.
