The Nasdaq largely erased an initial 2% loss on Thursday after reports that Iran was drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
WTI crude oil — which had soared to nearly $115 a barrel as President Trump pledged to continue the war with Iran — fell about $5 on the news.
Cryptocurrency prices at the same time reduced their losses, but remained significantly 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 presented 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, maritime traffic across the strait should be monitored and coordinated with coastal states like Iran and Oman to ensure security. He added that the proposed measures are not intended to restrict passage, but to “facilitate and ensure safe passage” and improve services for vessels using the route.
The remarks come after US President Trump vowed late Wednesday 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 down about 2% over the past 24 hours, in line with crypto stocks including Coinbase (COIN) and Robinhood (HOOD).
