Ceasefire Deal Boosts Bitcoin, Oil Prices Fall on Iran Nuclear News
Brent crude oil prices tumbled below $100 a barrel Tuesday evening following reports of a potential ceasefire agreement in the ongoing conflict between the United States and Iran, according to reports from Israeli Channel 12. The news, which surfaced shortly after U.S. Stock markets closed, also prompted a rapid rebound in Bitcoin prices, which had been declining throughout the day.
The proposed ceasefire, reportedly being negotiated by White House envoys Jared Kushner and Steve Witkoff, is said to be contingent upon Iran’s agreement to dismantle its existing nuclear facilities and pledge to never pursue nuclear weapons. In return, the U.S. Would lift international sanctions imposed on Iran, assist in the advancement of its civilian nuclear program – including electricity generation at the Bushehr nuclear plant – and remove the “snapback” mechanism allowing for the automatic reimposition of sanctions should Iran fail to comply, according to the Channel 12 report.
The development comes after weeks of escalating tensions and military strikes initiated by the Trump administration against Iranian targets. Prior to the conflict, Kushner and Witkoff had been leading nuclear negotiations with Iran, but those talks were viewed by the Iranian regime as a deceptive tactic masking preparations for military action, according to a diplomatic source cited by The Guardian.
Iran has now indicated it will only engage in further negotiations with Vice President J.D. Vance, citing his skepticism towards U.S. Military intervention in the Middle East as a reason for increased trust. “With the previous negotiating team, there’s no chance,” the diplomatic source told The Guardian. “The Iranian side regards the request for negotiations as another round of deception for the US-Israeli regime to find out a loophole to aggravate the strikes again.”
President Trump had claimed earlier Tuesday that the war was “won,” despite reports suggesting otherwise. He dismissed critical coverage as “fake news,” asserting that U.S. Forces had achieved significant gains despite Iran’s limited military capabilities.
Concerns have been raised regarding the technical expertise of Kushner and Witkoff in assessing Iran’s nuclear capabilities. Experts have questioned their understanding of uranium enrichment processes, pointing to a flawed assessment of Iran’s Research Reactor that lacked technical accuracy, according to MS NOW. The reactor, designed for research and medical isotope production, utilizes uranium enriched to less than 20 percent, while weapons-grade uranium requires enrichment levels exceeding 90 percent. Experts have refuted the Trump administration’s claims that the facility was being used to stockpile weapons-grade material.
As of Wednesday morning, neither the White House nor the Iranian government has officially confirmed the details of the proposed ceasefire.