Oil Crashes Below $81 as US–Iran Deal Reopens Hormuz — Bitcoin and Top 10 Cryptos Rally on the Week

Two markets moved in opposite directions on the same headline. As the United States and Iran confirmed a peace deal to end their nearly four-month war and reopen the Strait of Hormuz, crude oil tumbled to a three-month low — while Bitcoin and the entire top 10 crypto market posted a green week. The reason is the same for both: the single biggest geopolitical risk premium weighing on global markets is finally unwinding.

Here's the full breakdown of the oil crash, the latest US–Iran war developments, and how the top 10 cryptocurrencies performed over the past 7 days.

Oil Crashes to a Three-Month Low

The de-escalation hit energy markets hard. US crude oil closed down 4.8% to $80.75 per barrel, while international Brent crude fell 4.7% to $83.17 — the lowest closing prices for both benchmarks since the first week of March, right after the war began.

The slide was not a one-day event. Oil had already tumbled more than 6% over the prior week in anticipation of an agreement, meaning the market front-ran the news before the official confirmation even landed. Heating oil, a proxy for jet fuel, dropped more than 3.5%, and wholesale gasoline fell more than 2.5%.

The catalyst is the Strait of Hormuz. Roughly 20% of the world's oil supplies passed through the strait before tanker traffic collapsed in early March, and its closure triggered one of the largest oil supply shocks on record. With Trump authorizing the toll-free reopening of the strait and lifting the US naval blockade, traders are pricing in the return of Gulf energy flows.

• The caveat: prices may not fall much further from here. Crude is still up significantly on the year, and analysts caution that getting supplies back to pre-war levels will take time. Almost 600 ships — mostly oil and LNG carriers — remain stuck in the Gulf, unable to transit Hormuz due to mine threats and costly war-insurance premiums. Shipowners and insurers will need convincing that passage is safe before full-scale maritime transit resumes, and clearing mines from the strait could take weeks.

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Latest US–Iran War Developments

The diplomatic picture firmed up over the weekend but still carries open questions:

• The deal is reached, signing set for Friday. Pakistan's Prime Minister Shehbaz Sharif — the lead mediator — announced both sides declared the immediate and permanent termination of military operations on all fronts, including Lebanon. The official signing ceremony is scheduled for June 19 in Switzerland.
• Trump confirmed and reopened Hormuz. The president declared the deal complete, authorized the toll-free opening of the strait, and ordered the removal of the US naval blockade.
• An oil waiver for Iran. The US is reportedly granting Iran a waiver to sell its oil during a 60-day window — significant given oil and gas typically generate around 60% of Iranian government revenues.
• Discrepancies remain. Iranian state media indicated Hormuz would be toll-free for only 60 days, after which Iran and Oman would administer the strait. Neither side has released a full text of the truce, suggesting the terms are still fluid.

The takeaway: the framework is in place and markets are treating it as real, but the June 19 signing in Switzerland is the event that converts intention into commitment. Until then, expect headline-driven volatility in both energy and risk assets.

Top 10 Crypto: 7-Day Performance (Excluding Stablecoins)

While oil sank, crypto climbed. The lifting of the geopolitical overhang pushed risk appetite back into digital assets, with every major name green over the trailing 7 days. Here's how the top 10 (excluding stablecoins Tether and USDC) performed:

• Bitcoin ($BTC): ~$66,389 — ▲ 2.93% (7d). BTC reclaimed the $65,000 level, recovering from the war-driven selloff that had dragged it toward multi-month lows.
• Ethereum ($ETH): ~$1,719 — ▲ 1.89% (7d). ETH held firmly above $1,700, though its weekly gain lagged the higher-beta names.
• $BNB: ~$612 — ▲ 1.08% (7d). A steady, modest advance in line with the broad recovery.
• $XRP: ~$1.23 — ▲ 0.89% (7d). The smallest weekly gain among the majors, but still green.
• Solana ($SOL): ~$70 — ▲ 4.62% (7d). The standout of the majors, leading the weekly board as high-beta appetite returned.
• TRON ($TRX): ~$0.319 — ▼ 2.24% (7d). The lone laggard, slipping on the week despite the broader market strength.

The pattern is textbook risk-on rotation: the higher-beta, more speculative names (SOL leading at +4.62%) outperformed the steadier large caps (BTC, ETH, BNB), while the broad-market index of the top 20 climbed roughly 5% on the week.

Crypto Market Update: What to Watch for Next

The oil-down, crypto-up split tells a single story: markets are repricing a world with less war risk. Cheaper energy eases inflation pressure at the margin, a lifted naval blockade restores global trade flows, and the removal of the geopolitical premium frees up risk appetite for assets like Bitcoin that sold off hardest during the conflict.

But this is a relief rally built on an agreement, not yet a signature. Three things to watch into the week ahead:

• The June 19 signing in Switzerland. A clean execution validates the move; a slip — as past "deal is near" headlines have shown — could reverse both the oil drop and the crypto bounce.
• Hormuz reopening in practice. Mine clearance and insurer confidence, not the announcement, determine whether oil keeps falling.
• Crypto follow-through. Whether Bitcoin can build above $65,000 and Solana can extend its lead will signal if this is a durable rotation or a short-lived bounce off Extreme Fear.

For now, the message from both markets is aligned: the war premium is coming out, and risk assets are breathing again.