Trump teases Sunday Hormuz deal; Iran says hold the candles 🎂

US President Donald Trump said a memorandum of understanding to end hostilities with Iran is scheduled to be signed on Sunday, asserting on Truth Social that "The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL." Iran quickly disputed the timeline, with Foreign Ministry spokesperson Esmaeil Baghaei telling state media the memorandum "will not be tomorrow" and could instead be signed "in the coming days," while the Islamic Revolutionary Guard Corps said the framework was not finalized and described Trump's insistence as a publicity move tied to his June 14 birthday. Pakistan, mediating the talks, struck an optimistic note, with Prime Minister Shehbaz Sharif writing on X that the parties "are closer to a peace deal than ever before" and that Islamabad was "preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week." A source cited by Iran's Fars News Agency called reports of a finalized Sunday deal "completely false," and an Iranian official told reporter Jeremy Scahill that two outstanding issues remain on the proposed MOU and that an agreement could be signed swiftly depending on the US position, with Tehran assessing Trump wants to sign before the G7 summit.

The proposed deal would extend a fragile 60-day ceasefire for another 60 days and reopen the Strait of Hormuz, a chokepoint that has handled roughly 20% of the world's supply of oil and liquified natural gas, and its closure has fueled higher global asset prices and months of pressure on crypto sentiment. Crypto analyst Michaël van de Poppe said a signed deal could draw liquidity back into risk assets, noting that "liquidity will pour back into risk-on assets as liquidity will seek for an opportunity and after SpaceX IPO was done, most likely this will go towards crypto," while CoinShares head of research James Butterfill told Cointelegraph on Wednesday that recent outflows from digital asset investment products were being driven primarily by geopolitics and uncertainty around the Iran conflict. Spot Bitcoin exchange-traded funds recorded about $315.84 million in net outflows for the week ended Friday, the fifth consecutive week of outflows for the Bitcoin-linked funds.

Bitcoin ($BTC) was trading at $64,491 at the time of writing, up 1.5% over the past 24 hours, with the broader crypto market up roughly 1% as Pakistan's 24-hour signing claim briefly steadied sentiment, though the Crypto Fear and Greed index remained in cautious territory. The dispute leaves traders waiting for confirmation when markets reopen Monday, with a finalized deal likely to pull oil prices lower and ease supply fears tied to Hormuz.