The 1980 October Surprise theory refers to an allegation that representatives of Ronald Reagan's presidential campaign made a secret deal with Iranian leaders to delay the release of American hostages until after the election between Reagan and President Jimmy Carter, the incumbent. The detention of 66 Americans in Iran, held hostage since November 4, 1979, was one of the leading national issues during 1980, and the alleged goal of the deal was to thwart Carter from pulling off an "October surprise". Reagan won the election, and, on the day of his inauguration—minutes after he concluded his 20-minute inaugural address—the Islamic Republic of Iran announced the release of the hostages.
According to the allegation, on top of the Carter administration's agreement to unfreeze Iranian assets in U.S. banks in exchange for the release of the embassy hostages, the Reagan administration's practice of covertly supplying Iran with weapons via Israel likely originated as a further quid pro quo for having delayed the release until after Reagan's inauguration, setting a precedent for covert U.S.-Iran arms deals that would feature heavily in the subsequent...