US and Iran Reach Preliminary Agreement to End Hostilities

The US and Iran have reached a preliminary agreement to end hostilities in the region. A memorandum of understanding (MOU) has been signed, which includes a ceasefire extension for 60 days, mine clearance from the Strait of Hormuz within 30 days, and an end to the US naval blockade.

The MOU does not address casualties incurred during the conflict or Iran's internal repression. This omission has generated anger domestically, with critics viewing the deal as a diplomatic convenience that papers over deeper grievances.

Crypto markets reacted immediately to the news, with Bitcoin climbing to a two-week high above $65,500. The Strait of Hormuz handles around 20% of global oil transit, and its closure had been pricing a significant premium into energy markets.