An interim agreement to reopen the Strait of Hormuz sends bitcoin higher and crude oil down nearly 5% to $81 per barrel.
Bitcoin rallied after the US and Iran announced an interim deal to end hostilities and reopen the Strait of Hormuz, easing geopolitical risks. The agreement, set to be signed in Switzerland on Friday, triggered a sharp decline in crude oil prices, with WTI falling nearly 5% to below $81 per barrel, its lowest level in two months.
Prior to the announcement, crude oil had traded near $85 per barrel amid concerns over supply disruptions in the Middle East. The Nasdaq 100 and S&P 500 futures also rose, up 1.5% and 0.9%, respectively, as risk assets benefited from reduced tensions.
The deal marks a potential shift in regional stability, though its long-term impact remains uncertain. Markets reacted swiftly, with safe-haven assets like bitcoin gaining while oil prices retreated.