Iran and US agree to halt strikes, plan meetings this week as ceasefire hangs by a thread

The United States and Iran have agreed to stop shooting at each other and sit down for talks.

The two nations signed a memorandum of understanding on June 17 aimed at halting the conflict that erupted during the 2026 Iran War. The deal extends the ceasefire for 60 days, buying both sides time to negotiate over Iran’s nuclear program and other long-simmering disputes. Follow-up meetings are scheduled for this week in Switzerland, where technical discussions on implementing the agreement are set to take place.

What the deal actually says

The MoU covers more than just a pause in fighting. One of its most consequential provisions involves the Strait of Hormuz, a chokepoint through which roughly a fifth of the world’s oil supply flows on any given day.

Under the agreement, traffic through the strait is to be restored within 30 days, with Iran managing operations during the negotiation period.

The key players at the negotiating table are US President Donald Trump and Iranian President Masoud Pezeshkian. Their respective delegations were set to meet June 28-29 in Switzerland for the next round of discussions.

The ceasefire is already cracking

As recently as June 27-28, both the US and Iran exchanged military strikes. Both sides accused the other of violating the terms of the MoU. If you’re keeping score at home, that’s roughly ten days between signing a peace agreement and allegedly breaking it.

Earlier negotiations had already been delayed by escalating regional tensions involving Israel and militant proxies.

What this means for crypto markets

When the initial ceasefire and peace talks were announced in mid-June, Bitcoin rallied past $66,000. The move reflected a broader risk-on sentiment, with traders interpreting de-escalation as a green light for speculative assets. Market volatility returned as investors reassessed their risk exposure when the strikes resumed.

The US sanctioned Iran’s major crypto exchange, Nobitex, earlier in June for allegedly helping Tehran evade sanctions.

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