Trump: Iran deal complete; Strait of Hormuz to reopen

President Donald Trump announced on June 14, 2026 that the United States and Iran have reached a memorandum, authorizing the toll-free reopening of the Strait of Hormuz and ordering the immediate removal of the U.S. naval blockade. Trump wrote on Truth Social, “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!” Iran’s Deputy Foreign Minister Kazem Gharibabadi confirmed the memorandum on state media. A formal signing ceremony is scheduled for June 19 in Switzerland.

Markets moved within hours of the announcement. West Texas Intermediate crude settled at about $84.88 per barrel, down roughly 3.2% for the day. Brent crude fell about 3.4% to near $87.33 per barrel, after earlier trading above $100 amid supply concerns. Bitcoin rose to an intraday high of $65,641 and traded above $65,000 as investors shifted toward risk assets.

The confrontation began on Feb. 28, 2026, when U.S. and Israeli forces carried out coordinated strikes on Iranian military and nuclear sites under Operation Epic Fury. Iran responded with missile and drone attacks on Israel, U.S. regional bases and Gulf-state infrastructure. Tehran also closed or severely restricted traffic through the Strait of Hormuz, which handles an estimated 20% to 25% of global seaborne oil trade.

During the disruptions, Iranian forces used mines, small fast craft, armed drones and GNSS jamming to affect shipping. Dozens of vessels were reported damaged or abandoned, insurance costs increased and tanker traffic dropped. On April 13, the U.S. imposed a naval blockade on Iranian ports under U.S. Central Command, cutting off much of Iran’s oil export capacity.

The memorandum calls for the full reopening of the Strait of Hormuz without tolls and the lifting of the U.S. blockade, with follow-on technical talks planned to cover demining operations and the handling of enriched uranium. Pakistan’s Prime Minister Shehbaz Sharif, who helped mediate the talks, described the agreement as an “immediate and permanent termination of military operations on all fronts, including in Lebanon.”

Traders and analysts noted the June 19 signing and early implementation steps as the next milestones. Market participants will monitor whether the $65,000 level for Bitcoin holds and whether both sides follow the memorandum; any failure to comply or renewed hostilities could affect oil and risk-asset prices.