TLDR
- Iran denied agreeing to extend the 60-day US ceasefire framework.
- Tehran said the June agreement never entered its implementation phase.
- The current negotiation window is due to expire on August 17.
- Strait of Hormuz shipping traffic remains well below pre-war levels.
- Bitcoin traded near $63,300 after slipping below the $64,000 level.
Iran has denied reports that it agreed with the United States to extend a 60-day diplomatic window, leaving five days before the August 17 deadline for a broader agreement. Tehran said the June arrangement never reached its implementation phase and rejected claims that a ceasefire extension had been negotiated.
The dispute comes as fighting and shipping tensions continue around the Strait of Hormuz, while Bitcoin trades below $64,000. BTC was changing hands near $63,314 on Wednesday after reaching an intraday high of about $64,298.
Iran Rejects Claims of US Ceasefire Extension
Reports earlier Wednesday said Washington and Tehran had “agreed” through mediators to extend the 60 days established under their June memorandum. Iranian officials rejected that account and said no negotiations had taken place over extending a ceasefire.
A senior Iranian source said there was “no period that began and therefore nothing to extend,” arguing that Washington violated the interim agreement within 48 hours and later withdrew from it. The United States has accused Iran of failing to meet commitments tied to reopening the Strait of Hormuz, while Tehran says Washington failed to carry out measures involving Iranian ports and frozen assets.
The 60 days were designed as a negotiation window for reaching a wider agreement rather than simply setting the length of a ceasefire. The June framework covered issues including Iran’s nuclear program, sanctions and freedom of navigation through the Gulf.
Tehran said mediators are still discussing a possible US return to the interim agreement and a schedule for meeting its commitments. An Iranian source said there had been “absolutely no progress” on that effort, while Washington had not publicly confirmed an extension.
Strait of Hormuz Remains at Center of US-Iran Dispute
The Strait of Hormuz remains one of the main obstacles to a broader US-Iran agreement. Tehran has said the shipping route will stay restricted unless Washington changes its position and meets Iranian demands, including the release of frozen funds and changes to US military measures.
Commercial traffic remains far below levels recorded before the conflict. Only 14 ships crossed the waterway on Tuesday, compared with more than 130 vessels per day before the war began, as shipping companies continue to face security and insurance concerns.
President Donald Trump has said the United States has control of the strait, although vessel movements remain limited. Iran and the United States have also exchanged stronger statements in recent days as efforts to restore the June framework remain stalled.
President Trump says that he thinks the US will "keep" the Strait of Hormuz, adding: "Iran is all talk and no action, the Bully of the Middle East No Longer. Praise be to Allah!" pic.twitter.com/5tvBHRVlaJ
— OSINTtechnical (@Osinttechnical) August 12, 2026
The June agreement allowed the negotiation period to be extended by mutual consent. With the current window due to expire on August 17, Iran’s rejection of an agreed extension leaves the diplomatic timetable uncertain.
Bitcoin Price Falls Below $64K as Geopolitical Risks Persist
Bitcoin remained near $63,300 after briefly trading above $64,000 earlier in the session. The cryptocurrency recorded an intraday range between roughly $63,286 and $64,298 as traders assessed US inflation data alongside renewed uncertainty surrounding the Iran conflict.
July US consumer inflation eased to 3.4% year over year, matching forecasts and falling from 3.5% in June. Bitcoin initially held near $64,000 after the release before slipping back toward the lower end of its daily range.
Geopolitical uncertainty has remained another factor for risk assets as stalled negotiations keep attention on energy supplies and the Strait of Hormuz. Bitcoin had already slipped toward $63,600 earlier Wednesday as traders monitored developments between Washington and Tehran.
