Ten Iran Deal Headlines Have Whipsawed Oil Since March and Bitcoin Rallied on Eight of Them

Bitcoin rose 2.19% to $83,105 on October 21, after an unconfirmed report that the U.S. and Iran were close to a deal knocked Brent crude down as much as 3.3% on Tuesday, before a diplomat in the talks denied it. That makes ten. Ten Iran headlines since March that moved oil hard and then fell apart, and the Bitcoin news cycle has danced to almost every one. The latest swing was big even by this year’s standards. Saxo’s morning note has Brent hitting a five-month high above $111 a barrel on Tuesday, then reversing to settle at $108.79. It was back near $110.40 this morning. So is Bitcoin now just an oil trade with a different ticker?

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