The White House confirmed the US has signed a memorandum of understanding with Iran to reopen the Strait of Hormuz and lift the naval blockade implemented in April 2026. The catch: sanctions relief and frozen assets, estimated between $6B and $25B, won’t be released until Iran demonstrates compliance.

What the MOU actually does

The agreement calls for toll-free reopening of the Strait of Hormuz within 30 days. Roughly 20% of the world’s oil passes through that narrow waterway.

Under the MOU’s terms, Iran will receive temporary oil export waivers based on its behavior during a 60-day negotiation window focused on nuclear issues. The frozen assets stay frozen for now, with no upfront release before Iran meets its benchmarks.

The ceasefire framework also extends to Lebanon and includes discussions around Iran’s enriched uranium stockpile and inspections. Competing drafts from mediating nations like Pakistan and Qatar have added complexity to the negotiations. Iran had previously floated proposals around mining rights and toll collection at the strait, both of which appear to have been rejected in the final framework.

The crypto angle is bigger than it looks

On June 2, 2026, Treasury sanctioned four Iranian crypto exchanges. Iran’s historical use of crypto for sanctions evasion generated estimated transaction volumes of $8B to $10B in 2025. US asset seizures linked to Iranian entities reached approximately $1B by late May 2026.

If the MOU’s sanctions relief provisions actually materialize, Iran might pivot toward more traditional financial channels, potentially reducing demand for crypto as a sanctions-evasion tool.

What this means for investors

Global stock markets surged on the news, while oil prices declined. A reopened Hormuz means more crude flowing to market, which eases supply concerns and reduces the geopolitical risk premium baked into energy prices since the blockade began in April.

The 60-day compliance window is the key variable. If Iran meets its benchmarks, temporary oil export waivers kick in, frozen assets begin to unwind, and markets could see a sustained reduction in energy-related volatility. If Iran doesn’t comply, or if competing diplomatic drafts create enough ambiguity, the blockade and elevated risk premiums return.

Traders should watch two things over the coming weeks: whether Iranian crypto exchange volumes decline in response to the June 2 sanctions, and whether oil prices stabilize at lower levels or climb again on skepticism about the MOU’s durability.