The Nasdaq mostly erased an early 2% loss on Thursday after reports that Iran is working out a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions on a key global oil route.
WTI crude oil – which had risen to nearly $115 a barrel barrel as President Trump vowed to continue the war against Iran — fell about $5 on the news.
Crypto prices trimmed losses in tandem, but remained sharply lower over the past 24 hours. Bitcoin at $66,700 is down 3% and ether (ETH) at $2,060 is down 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, shipping traffic through the strait should be monitored and coordinated with coastal states such as 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 ships moving through the route.
The remarks come after US President Trump vowed on Wednesday night to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” when 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 ).
