Bitcoin Surges as Iran Proposes Strait of Hormuz Reopening

Iran has proposed reopening the Strait of Hormuz within seven days if the US eases military pressure and lifts port restrictions. The proposal was made through mediators, with Iranian President Masoud Pezeshkian in New York for the UN General Assembly.

Oil prices reacted quickly to the diplomatic signal, with Brent crude falling 2.1% to $98.23 a barrel - a two-week low. Saudi Arabia's restart of its East-West Pipeline added another factor easing concerns about regional supply.

Bitcoin gained around 6% over 24 hours, touching a high near $87,329, while US spot Bitcoin ETFs saw nearly $999 million in net inflows on Monday - their largest daily inflow since October 6, 2025. BlackRock's IBIT led with $381.37 million.

Market analyst Tim Waterer said oil would remain sensitive to headlines until diplomacy produces clear progress or another setback, which matters for crypto as sharp changes in energy prices can influence inflation expectations and interest-rate outlooks.