The Nasdaq largely erased an initial 2% loss on Thursday after reports that Iran is 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 risen to nearly $115 a barrel when President Trump vowed to continue the war against Iran, fell about $5 on the news.
Cryptocurrency prices reduced losses but remained very low 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, ship traffic through the strait must 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 rather to “facilitate and guarantee safe passage” and improve services for vessels transiting the route.
The comments 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” once the war ends.
bitcoin fell after Trump’s comments and continues to trade about 2% lower in the past 24 hours, in line with cryptocurrency stocks including Coinbase (COIN) and Robinhood (HOOD).
