President Donald Trump announced that the Strait of Hormuz would open immediately under a deal being negotiated with Iran, with no single country controlling the critical waterway. The statement, made on May 23-24, puts a spotlight on one of the most consequential chokepoints in global energy markets.
Here’s why crypto traders should care: reports indicate that Iran has been requiring Bitcoin payments for transit tolls through the strait since April 2026. A geopolitical standoff over oil shipments just became a real-world stress test for cryptocurrency as a medium of international trade.
What the deal actually involves
Trump described the arrangement as “largely negotiated.” The proposed terms include a 60-day ceasefire that could be extended, lifting of the US blockade on Iranian ports, permission for Iran to resume oil exports, and a requirement for demining the strait.
Iran’s Foreign Minister confirmed that the strait is “completely open” for commercial vessels as of mid-May 2026. That said, US officials have added a significant caveat: full reopening depends on progress in nuclear negotiations.
