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The United States and Iran have reached an interim deal aimed at ending their war and reopening the Strait of Hormuz.

The Trump administration said International Atomic Energy Agency inspectors would be allowed into Iran to oversee the dismantling of nuclear program.

The US and Iran will sign a 14-point nuclear memorandum on June 19, opening 60 days of talks. Bitcoin rallied as markets priced in lower geopolitical risk.

The accord halts hostilities in the war that began in February but leaves unresolved the critical issue of Iran’s nuclear program.

President Donald Trump said Monday the Strait of Hormuz is partially open and “ships are starting to go out now,” though there’s some confusion about when a free flow of traffic will resume and whether Iran will charge ships for passing—something Iran only began after the U.S. launched its attack.

On Thursday, the International Atomic Energy Agency (IAEA) told U.N. member states that it has not reported any major changes to its assessment of Iran’s nuclear program in its first report on the matter since the U.

Senior Trump administration officials revealed a new understanding with Iran, linking sanctions relief and economic reintegration to strict nuclear oversight and regional security commitments. This framework establishes conditional reciprocity,