President Donald Trump said he canceled the strikes planned against Iran on Thursday evening, announcing a deal approved at the highest level of Iranian leadership and backed by 11 regional and allied states.
US oil prices dropped from over $92 to around $88 in just 90 minutes after the announcement. At the same time, Bitcoin bounced back nearly $900 from its lowest point of the evening, climbing above $63,300.
Trump Cancels Iran Strikes as 11 Nations Sign Off
The news came just hours after Trump said he would strongly retaliate against Iran and specifically mentioned taking control of Kharg Island, a key location for Iranian oil exports – handling around 90% of them.
That earlier post extended the pressure campaign of strikes on Iran that began after the downing of a US helicopter.
I have cancelled tonight’s planned military strikes against Iran because talks with Iranian leaders have reached the highest levels and been approved. However, the naval blockade will remain in place until a deal is finalized. This includes discussions with Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt.
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The terms remain in motion. CBS News reports Trump personally edited the draft agreement, including provisions on enriched uranium and the Strait of Hormuz.
However, the blockade stays in force until a signing, with the time and place still unannounced.
Oil Gives Back Its War Premium While Bitcoin Snaps Higher
US crude spot prices dropped from a $92.40 evening high to $88.03 by 23:00 UTC+5:30, a slide of nearly 5%. In contrast, BTC bottomed near $62,460 before climbing to levels above $63,000, according to BeInCrypto markets data.
The rebound leaves Bitcoin roughly 1% short of $64,000, a move that may now hinge on the signing timeline.
The pattern fits this war’s whipsaw template.
As a crypto investor, I’ve seen how positive news about deals can sometimes push Bitcoin and oil prices in opposite directions. But recently, things took a turn. New strikes caused a huge wave of liquidations in the crypto market – almost a billion dollars in a single day! Just in the last hour, over $83 million worth of positions have been closed out, according to data from Coinglass. It’s been a pretty rough patch, honestly.
An earlier draft deal report added $350 billion to stocks in minutes.
The deal’s success will also depend on how quickly oil tanker traffic through the Strait of Hormuz recovers, which is currently around 15% of what it was before the conflict, according to JPMorgan.
Traders have watched repeated deal claims dissolve into fresh strikes this spring.
As a crypto investor, I’m keeping a close eye on oil prices. It seems like the last bit of extra value oil has been holding might finally disappear once a deal is officially signed, and crucially, when the naval blockade is lifted. Until then, it’s hard to say where oil will settle.
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2026-06-11 21:32