Oil Prices Plunge as US-Iran Talks Revive Hormuz Deal, Bitcoin Holds Firm

Oil prices plummeted on Friday as reports emerged that U.S. and Iranian negotiators are discussing a phased agreement to end the standoff in the Persian Gulf.

The proposal, aimed at reviving a June memorandum of understanding, would see Iran allow ships to pass through the Strait of Hormuz while the U.S. ends its naval blockade.

Iran's President Masoud Pezeshkian echoed this sentiment, stating that Tehran wants Washington to return to the June agreement before the upcoming U.S. midterm elections.

In contrast, the cryptocurrency market remains relatively stable, with Bitcoin trading at $84,422 and Ether at $2,682.10.