Analysis: Iran Plans to Coordinate Strait of Hormuz Passage with Oman, Bitcoin's Decline Narrows

Odaily News According to reports influenced by news that Iranian officials stated they will draft an agreement with Oman to manage shipping in the Strait of Hormuz, the Nasdaq's roughly 2% drop in early Thursday trading was largely erased, easing concerns about global oil supply disruptions. WTI crude oil had surged to nearly $115 per barrel following President Trump's pledge to continue pressuring Iran, but fell rapidly by about $5 per barrel after the news was announced.

The cryptocurrency market also narrowed its losses, with Bitcoin trading at $66,700, down about 3%, and Ethereum at $2,060, also down 3%. Iranian Deputy Foreign Minister Kazem Gharibabadi stated that this move is about coordination, not control, aiming to ensure the safety of shipping in the Strait of Hormuz and improve services, not to restrict passage. Previously, President Trump had pledged to exert "maximum pressure" on Iran and stated that the Strait of Hormuz would "naturally open" after the war ends. Bitcoin and crypto-related stocks, including Coinbase and Robinhood, experienced short-term declines following Trump's remarks. (CoinDesk)