Crypto and stocks bounce back as Iran hints at cooperation on vital oil shipping lane

Markets turned higher Thursday as concerns over a కీల oil shipping route eased, helping reverse earlier losses across assets.

U.S. crude prices, which had surged overnight, pulled back sharply—dropping nearly $6 per barrel at one point. The reversal followed reports that Iran is working with Oman on a framework to coordinate vessel traffic through the Strait of Hormuz, a critical channel for global energy flows.

Stocks responded quickly. The Nasdaq, down as much as 2% earlier in the session, clawed back most of its losses as fears of supply disruptions began to subside.

WTI crude had previously rallied toward $115 per barrel after President Donald Trump signaled a tougher stance on Iran, but later gave up gains, falling roughly $5 on the news of potential cooperation.

Crypto markets moved in line with the broader risk rebound, though losses persisted. Bitcoin hovered around $66,700, down about 3% over the past 24 hours, while ether traded near $2,060 with similar declines. Both assets recovered from deeper intraday drops but remained under pressure.

Iranian officials described the proposed arrangement as a coordination effort rather than an attempt to control the strait. Deputy Foreign Minister Kazem Gharibabadi said that even under normal conditions, shipping traffic should be managed in cooperation with coastal nations such as Iran and Oman to ensure safety. He emphasized that the plan aims to facilitate smoother passage and improve services, not restrict movement.

The development follows comments from Trump late Wednesday, when he warned of a strong U.S. response against Iran in the coming weeks and suggested the Strait of Hormuz would “open naturally” once tensions ease.

Bitcoin fell after those remarks and remains roughly 2% lower over the past day, broadly tracking declines in crypto-related equities like Coinbase and Robinhood.

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