The Nasdaq largely recovered from an early 2% loss on Thursday after reports that Iran was drafting a deal with Oman to regulate traffic in the Strait of Hormuz eased concerns about disruption to major global oil routes.
WTI crude oil prices soared to nearly $115 a barrel as President Trump vowed to continue waging war against Iran. WTI crude oil prices fell by about $5 on this news.
Cryptocurrency prices have also declined, but are still significantly lower over the past 24 hours. Bitcoin The price is at $66,700, down 3%, and Ethereum (ETH) is at $2,060, down the same amount.
Iranian officials viewed the move as a matter of coordination rather than control. Kazim Garibadi, the country’s deputy foreign minister for legal and international affairs, said that even under normal circumstances, ship traffic through the strait should be monitored and coordinated with coastal countries such as Iran and Oman to ensure safety. He added that the proposed measures were not intended to restrict traffic but to “facilitate and ensure safe passage” and improve services for ships passing through the route.
This comes after U.S. President Donald Trump vowed late Wednesday to hit Iran “extremely hard” in the coming weeks and said the Strait of Hormuz would “naturally open” once the war is over.
Bitcoin The company’s shares fell after Trump’s comments and have continued to lose about 2% over the past 24 hours, in line with crypto stocks including Coinbase (COIN) and Robinhood (HOOD).