Bitcoin approaches $82,000 as oil crashes 6% on fresh Iran peace deal hopes
Bitcoin climbed toward $82,000 alongside a more than 1% rise in Nasdaq futures amid reports of progress toward a U.S.–Iran memorandum of understanding.
What to know:
- Global risk assets rallied and oil prices slumped after reports of progress toward a U.S.–Iran memorandum of understanding aimed at ending the war.
- Bitcoin climbed toward $82,000 alongside a more than 1% rise in Nasdaq futures, while WTI crude futures fell about 6 percent to $95.28 a barrel.
- Hopes that a deal could normalize oil flows through the Strait of Hormuz lifted sentiment, though some analysts remain skeptical that Iran will make lasting nuclear concessions.
The move followed an Axios report that Washington and Tehran are close to a one-page memorandum of understanding aimed at ending the war. The draft agreement is said to include negotiations between U.S. envoys Steve Witkoff and Jared Kushner and Iranian officials, conducted both directly and through intermediaries.
The report raised hopes for the normalization of oil flows through the Strait of Hormuz, which has reportedly been mined by Iranian forces. The disrupted flows since late February have wreaked havoc in energy markets across the world, especially in Asia.
According to the report, Iran would agree to remove highly enriched uranium from the country, a long-standing U.S. demand that Tehran has previously resisted. However, some market participants questioned the likelihood of a durable breakthrough, particularly around nuclear concessions.
