Oil Price Plunge Sets Stage for Bitcoin Rally

A preliminary US-Iran peace deal has sent shockwaves through global markets, causing oil prices to plummet and Bitcoin to rise. The agreement aims to end direct conflict, lift the U.S. blockade, and reopen the Strait of Hormuz, a key global oil transit route.

The immediate market reaction was clear: Brent crude fell more than 4% to $83.75, while WTI dropped to $80.87 as traders marked down the risk of prolonged disruption around Hormuz. The U.S. dollar also weakened, hitting a 10-day low as investors moved back into risk-sensitive assets.

Crypto followed the same relief move, with Bitcoin trading near $65,690, up about 1.9% over 24 hours, while Ethereum traded near $1,717, up about 2.2%. The move extended the rebound that had already started as Bitcoin held near $64K after last week's deeper selloff.