Mediators have revived a 14-point memorandum of understanding between the US and Iran covering safe passage through the Strait of Hormuz, and Bitcoin surged past $65,000 in response. Weeks later, Washington sanctioned Iranian firms that used crypto payments for maritime tolls, complicating the market reaction.
Bitcoin surged past $65,000, touching an intraday peak of $65,641 around mid-June, after mediators revived a 14-point memorandum of understanding between the US and Iran over the Strait of Hormuz. Oil prices fell after the announcement, as traders read the truce as easing the immediate threat to regional security.
US to lift naval blockade within 30 days
The memorandum, signed in mid-June 2026, addresses the military standoff that has rattled global energy markets since late February 2026, when US-Israeli military actions against Iran disrupted roughly 20% of the global oil supply. Under the deal, the US will lift its naval blockade within 30 days of signing. Iran, in turn, committed to guaranteeing safe passage for commercial vessels through the Strait for an initial 60-day period at no charge.
A 60-day ceasefire is also built into the framework. Pakistani Prime Minister Shehbaz Sharif played a key mediating role in the negotiations, and US officials and Iranian media publicized the deal around June 17-19, 2026. The agreement also foreshadows deeper negotiations on nuclear issues and sanctions relief.
Crypto payments draw US sanctions
Since mid-March 2026, Iran has used Bitcoin and USDT for tolls and insurance tied to maritime operations through the Strait. That practice drew a response: around July 31, 2026, the US sanctioned Iranian firms engaged in crypto payments tied to passage tolls.
The sanctions add a counterweight for crypto investors to watch. Targeting digital-asset transactions tied to sanctioned entities creates regulatory precedent, and the sanctions also raise questions about stablecoins — Iran's use of USDT for maritime payments puts Tether in an uncomfortable spotlight.
Source: Crypto Briefing
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