Oil Falls on Reported $8 Billion US-Iran Hormuz Deal: What Happens to Bitcoin?

Brent crude fell about 4.6% on Monday after a report that Iran offered to reopen the Strait of Hormuz for $8 billion in frozen funds. Bitcoin (BTC) did not join the relief, sliding to about $73,600. A deal would cut US fuel costs and could cool the inflation pushing the Federal Reserve toward a December rate hike. However, top US officials oppose it, and Iran’s nuclear program is off the table. What Would the $8 Billion US-Iran Hormuz Deal Change? Washington would lift its naval blockade and unfreeze Iranian funds held in Qatar. Iran would halt attacks on Gulf shipping, Israel Hayom reported , citing two unnamed diplomatic sources. Iran has also reportedly dropped its demand to control the strait and charge ships transit fees.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.