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President Donald Trump said a deal with Iran was completed on Sunday, immediately authorizing the toll-free reopening of the Strait of Hormuz and the removal of the U.S. naval blockade.
Oil futures fell sharply within hours of the announcement. West Texas Intermediate crude settled near $84.88 per barrel, down about 3.2% on the day. Brent crude slid approximately 3.4% to around $87.33 per barrel, reaching multi-month lows. Earlier in the crisis, Brent had traded above $100 per barrel as supply disruption fears weighed on global energy markets.
Bitcoin responded positively as well, trading toward the $65,000 level amid a broader risk-on shift in market sentiment.
Lower oil prices can ease inflation pressure and reduce input costs across transportation and manufacturing, improving the macro backdrop for risk assets.
For crypto, the deal removes a sustained source of geopolitical uncertainty that had weighed on sentiment since late February. Bitcoin’s price action during the conflict also reflected its sensitivity to macro risk signals. With the blockade lifted and Hormuz reopening, traders are watching whether the $65,000 level holds as a base for further upside.
The June 19 signing ceremony in Switzerland and early implementation steps are the next key catalysts. Any setback in compliance or renewed hostilities could reverse gains quickly.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
