The White House formally delivered the text of a US-Iran Memorandum of Understanding to Congress on June 18, kicking off a review process for a deal that could reshape geopolitics in the Middle East. Bitcoin responded by surging past $65,000 and briefly touching $67,000, while oil prices dropped roughly 5% toward $80 per barrel.
The MOU, signed by President Donald Trump on June 15, establishes a framework for 60 days of negotiations on the thorniest issues between Washington and Tehran.
What’s actually in the deal
The core of the MOU covers three major commitments. Iran agrees to extend a ceasefire that has now held for over 100 days, dating back to a conflict that erupted in February 2026. The US commits to lifting its naval blockade on Iranian ports. And both sides agree to reopen the Strait of Hormuz toll-free.
The Strait of Hormuz is the narrow waterway through which roughly a fifth of the world’s oil supply passes on any given day.
