President Donald Trump told Israeli Prime Minister Benjamin Netanyahu on May 23 that the US would not sign a final deal with Iran unless it included the complete dismantlement of Iran’s nuclear program and the removal of all enriched uranium from Iranian territory.

Trump described a broader US-Iran peace framework as “largely negotiated,” with final details expected to be disclosed shortly.

What’s actually on the table

The preliminary framework centers on Iran’s commitment to relinquish its enriched uranium stockpile, though the specific mechanics of that handover are still being worked out.

One of the more immediate components of the deal involves reopening the Strait of Hormuz, a narrow waterway between Iran and the Arabian Peninsula through which a massive share of global oil shipments pass daily.

The current deal framework addresses uranium stockpiles but defers broader issues like enrichment levels, ballistic missile development, and Iran’s network of proxy groups across the Middle East to follow-on discussions slated for 30 to 60 days after the initial agreement.

Why this matters for Israel

Netanyahu’s government has long maintained that any deal with Iran that doesn’t address the full spectrum of threats, from nuclear enrichment to ballistic missiles to proxy militias like Hezbollah, is insufficient.

Trump’s explicit commitment to requiring full uranium removal and program dismantlement before finalizing anything aligns with Israel’s core demands. Back in February 2026, he laid out similar conditions, emphasizing that all enriched uranium must leave Iran and that the country’s enrichment capabilities must be taken apart.

Months of conflict preceding these negotiations have reportedly degraded Iran’s military and nuclear capabilities through prior strikes.

Market implications: oil, defense, and the crypto ripple effect

The Strait of Hormuz is a critical chokepoint for global energy logistics. If this deal leads to a lasting reopening of the strait and a reduction in regional tensions, oil prices could stabilize or decline. For defense stocks, a successful deal could reduce the perceived need for military spending in the region.

Major shifts in energy prices affect mining economics directly for proof-of-work chains like Bitcoin, as cheaper energy means lower operational costs for miners. More broadly, geopolitical instability has historically driven some capital into Bitcoin and other digital assets as perceived hedges against traditional market volatility.