Bitcoin trims big loss, stocks erase 2% decline, as Iran signals cooperation on key shipping route
In the middle of a surge higher following President Trump’s overnight comments, the price of WTI crude oil quickly fell nearly $6 per barrel on the news.
What to know:
- Reports Thursday that Iran is working with Oman on a protocol to manage traffic through the Strait of Hormuz have risk markets quickly erasing large early losses.
- Iranian officials said the proposed measures are meant to coordinate and ensure safe passage rather than restrict it.
- Sharply higher following President Trump’s promise overnight to continue the war against Iran, the price of WTI crude oil fell about $5 per barrel on the report.
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Crypto prices trimmed losses alongside, but remained sharply lower over the past 24 hours. Bitcoin at $66,700 is down by 3%, and ether (ETH) at $2,060 is down by the same amount.
Iranian officials framed the move as a matter of coordination rather than control. The country’s deputy foreign minister for legal and international affairs, Kazem Gharibabadi, said that even under normal conditions, ship traffic through the strait should be monitored and coordinated with coastal states like Iran and Oman to ensure safety. He added that the proposed measures are not intended to restrict passage, but to “facilitate and ensure safe passage” and improve services for vessels moving through the route.
The remarks come after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Bitcoin fell after Trump’s remarks and continues to trade about 2% lower over the past 24 hours, in line with crypto stocks, including Coinbase (COIN) and Robinhood (HOOD).
