Iran has rejected reports that it agreed with the United States to extend a 60-day diplomatic window, leaving just five days before the August 17 deadline for a broader agreement. Tehran stated that the June arrangement never reached its implementation phase and dismissed claims that a ceasefire extension had been negotiated.

The dispute unfolds amid ongoing fighting and shipping tensions around the Strait of Hormuz — a narrow waterway through which roughly one-fifth of global oil consumption transits — while Bitcoin trades below $64,000. BTC was changing hands near $63,314 on Wednesday after reaching an intraday high of approximately $64,298.

Iran Rejects Claims of US Ceasefire Extension

Reports earlier Wednesday indicated that Washington and Tehran had "agreed" through mediators to extend the 60-day period established under their June memorandum. Iranian officials rejected that account, stating that no negotiations had taken place regarding a ceasefire extension.

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 subsequently withdrew from it. The United States has accused Iran of failing to meet commitments tied to reopening the Strait of Hormuz, while Tehran contends that Washington failed to carry out measures involving Iranian ports and frozen assets.

The 60 days were designed as a negotiation window for reaching a broader agreement rather than simply setting the duration of a ceasefire. The June framework covered issues including Iran's nuclear program, sanctions, and freedom of navigation through the Gulf — a set of interlocking disputes that have persisted through multiple US administrations and several rounds of indirect talks.

Tehran said mediators are still discussing a possible US return to the interim agreement and a schedule for meeting its commitments. An Iranian source stated there had been "absolutely no progress" on that effort, while Washington had not publicly confirmed an extension.

Strait of Hormuz Remains at the Center of US-Iran Dispute

The Strait of Hormuz remains one of the principal obstacles to a broader US-Iran agreement. Tehran has said the shipping route will remain 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 pre-conflict levels. Only 14 ships transited 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. The disruption to one of the world's most critical energy chokepoints has kept pressure on oil markets and contributed to a broader risk-off environment that has weighed on assets from equities to cryptocurrencies.

President Donald Trump has stated that the United States has control of the strait, although vessel movements remain limited. Iran and the United States have 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 and raises the prospect of renewed escalation in a conflict that has already disrupted Gulf shipping for weeks.

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 declining 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 an additional factor for risk assets as stalled negotiations keep attention on energy supplies and the Strait of Hormuz. Bitcoin, often traded as a high-beta risk asset, has shown sensitivity to shifts in broader market sentiment tied to the conflict. Bitcoin had already slipped toward $63,600 earlier Wednesday as traders monitored developments between Washington and Tehran.