Global equities climbed and US oil prices fell as investors bet on a landmark US-Iran deal to reopen the Strait of Hormuz, a waterway handling roughly a fifth of the world's daily oil supply. Both WTI and Brent crude dropped 5-6% on the optimism, lifting risk assets across Asia and Europe.
Iran closed the strait on February 28, 2026, in response to US and Israeli military actions. In April, reports emerged that Iran was exploring Bitcoin-based tolls for oil transit, floating a rate of $1 per barrel as a sanctions workaround.
President Trump and Secretary of State Marco Rubio are now in preliminary talks with Iran, with nuclear issues also on the table.
Bitcoin approached $82,000 on May 6 as oil prices fell on deal optimism. Iran's Bitcoin toll proposal could validate the narrative that decentralized money offers utility outside traditional financial gatekeeping. However, traders should watch for potential regulatory responses from Western governments concerned about sanctions evasion.