Trump Declares Iran Deal Done, Sends Oil Prices Plummeting

President Donald Trump announced on Sunday that a deal with Iran has been completed. He authorized the toll-free reopening of the Strait of Hormuz and lifted the U.S. naval blockade, effective June 14, 2026.

The move was met with a surge in Bitcoin's value, which climbed above $65,000. The cryptocurrency had shown sensitivity to macro risk signals throughout the conflict, pulling back on escalations and recovering on progress toward peace.

Oil prices fell sharply following the announcement, with West Texas Intermediate crude settling at around $84.88 per barrel, down roughly 3.2% on the day. Brent crude dropped approximately 3.4% to around $87.33 per barrel.

The deal framework includes the full reopening of Hormuz without tolls and the lifting of the U.S. blockade, as well as Iranian commitments on nuclear non-weaponization. A formal signing ceremony is scheduled for June 19, 2026, in Switzerland.