BeInCrypto reports that Brent fell about 4.6% after reports of a possible US-Iran agreement on the Strait of Hormuz. Bitcoin did not rise amid the news.
The proposal, reported by Israel Hayom citing two unnamed diplomats, would involve unfreezing $8 billion in Iranian funds held in Qatar and lifting the US naval blockade. In return, Iran would reopen the strait and halt attacks on shipping in the Persian Gulf.
No deal has been reached yet. Media reports say Secretary of State Marco Rubio and Treasury Secretary Scott Bessent oppose it; President Donald Trump was expected to discuss the proposal with Qatar’s prime minister.