Crypto
Live updates: Oil falls as Iran signals possible Hormuz reopening, bitcoin holds near $86,000
WTI crude oil drops to $89 as reports suggest Iran could reopen the Strait of Hormuz within seven days.
CoinDesk•
Iran could reopen the Strait of Hormuz within seven days if the U.S. eases military pressure and lifts its port blockade, according to multiple reports citing a senior Iranian official.
Oil prices subsequently fell with WTI crude more than 2.5% lower at $89 a barrel, roughly 15% below its September high. Brent crude dropped below $98 a barrel.
A sustained de-escalation in the Middle East could provide a tailwind for risk assets, with lower energy prices easing inflationary pressures and concerns over further interest rate hikes.