Oil prices have settled into an uneasy calm near $89 per barrel as diplomatic efforts between the US and Iran remain stuck. The two sides are trying to negotiate an end to their conflict and reopen the Strait of Hormuz, the narrow waterway that handles roughly 20% of the world’s oil traffic.
Bitcoin has been moving in an increasingly visible rhythm with oil prices, dropping when crude spikes and climbing when optimism about reopening the strait surfaces.
What happened to the strait
The Strait of Hormuz is essentially the world’s most important bottleneck for energy. When Iran began restricting shipping access in early 2026, daily passages declined significantly from around 140 to a fraction of that number.
Brent crude surged above $100 and at one point climbed as high as $126. Then came the initial rounds of diplomacy, and prices began retreating. Now Brent sits in the $89 to $100 range.
