Oil Falls As Trump Cancels Iran Strikes, But Can Bitcoin Reach $64,000?

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 crude slid from above $92 to about $88 within 90 minutes of the post. Meanwhile, Bitcoin recovered nearly $900 from its evening low to trade above $63,300.

Trump Cancels Iran Strikes as 11 Nations Sign Off

The announcement landed hours after Trump threatened to hit Iran “VERY HARD TONIGHT” and seize Kharg Island, the terminal behind roughly 90% of Iranian crude exports.

That earlier post extended the pressure campaign of strikes on Iran that began after the downing of a US helicopter.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening… The Naval Blockade will remain in full force and effect until this Transaction is finalized…” Trump wrote in the post, naming Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt as parties.

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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.

Deal optimism flipped Bitcoin and oil in opposite directions before, while renewed strikes pushed crypto liquidations near $1 billion in a single day. In the last hour, $83 million in positions have been wiped out, according to Coinglass data.

An earlier draft deal report added $350 billion to stocks in minutes.

A finalized agreement would also test how fast Strait of Hormuz tanker traffic, still about 15% of pre-war levels per JPMorgan, can rebuild.

Traders have watched repeated deal claims dissolve into fresh strikes this spring.

Oil’s remaining premium unwinding may now depend on a signing date, and on whether the naval blockade lifts with it.