The US has given Iran until Saturday to publicly commit to reopening the Strait of Hormuz and halt attacks on commercial shipping, or face unspecified consequences. A senior US official confirmed the ultimatum, which lands at a moment when roughly 20% of global oil shipments flow through the narrow waterway between Iran and the Arabian Peninsula.
For crypto markets, the timing is inconvenient. Bitcoin dropped to around $61,688 on July 9 as geopolitical fear drove investors toward the exits, a sharp reversal from prices above $65,000 that followed earlier de-escalation signals.
What’s actually happening in the Strait
Iran’s escalation against commercial vessels in the Strait of Hormuz began ramping up in February 2026, setting off months of tit-for-tat confrontations with Washington.
By mid-June, the two sides had reached a memorandum of understanding designed to restore safe passage through the chokepoint. That agreement has since deteriorated. Attacks on shipping resumed, and the US responded with military strikes in early July. The new Saturday deadline represents Washington’s latest attempt to force a resolution, though multiple prior deadlines in 2026 have produced only temporary ceasefires that didn’t hold.
