Iran declared the Strait of Hormuz fully open for commercial vessels, but President Donald Trump immediately reaffirmed that the US naval blockade on Iranian ships and ports “will remain in full force.” The mixed signals have left oil and Bitcoin traders reacting headline by headline.
Strait Reopens, Blockade Stays
Iranian Foreign Minister Abbas Araghchi posted on X that the waterway is now “fully open,” signaling Tehran's willingness to restore flows even as a fragile 10-day truce between Israel and Iran-backed Hezbollah holds. Trump initially echoed that tone before reversing minutes later, insisting the blockade will continue “UNTIL SUCH TIME AS OUR TRANSACTION WITH IRAN IS 100% COMPLETE.” Trump ordered the blockade earlier this week after Iran partially restricted traffic through the strait, which Washington viewed as a breach of a Pakistan-brokered ceasefire.
Approximately 20% of global oil passes through the Strait of Hormuz, making it a key chokepoint for energy markets and a macro driver for Bitcoin's role as a geopolitical hedge. Le Monde reported that direct US-Iran talks last weekend were inconclusive, with sticking points over Iran's nuclear program and sanctions relief. The International Energy Agency had previously warned that energy shocks could intensify if the strait remained shut. Brent futures briefly surged toward $100 per barrel while tanker traffic was constrained.
Bitcoin Wobbles Between $68k and Mid-$70k
Crypto traders have been tracking every Hormuz headline as a proxy for macro risk, with Bitcoin oscillating between roughly $68,000 and the mid-$70,000s in recent sessions. Earlier this month, Iran's mooted plan to charge a $1-per-barrel Bitcoin and stablecoin toll at Hormuz briefly lifted BTC, as investors speculated about new structural demand for on-chain settlement of oil flows. Some analysts see a potential retest of $80,000 if ETF inflows resume and oil drops back toward pre-war levels. For now, the reopening of Hormuz without full US de-escalation keeps both crude and crypto in a holding pattern, with BTC acting as a barometer of whether this truce becomes a lasting settlement or the next leg of the crisis.