The US and Iran reached an interim deal to reopen the Strait of Hormuz. Oil dropped nearly 5% while Bitcoin rose 2% to its highest since early June.

The US and Iran are nearing a deal to reopen the Strait of Hormuz under a 60-day ceasefire, with Iran exploring Bitcoin for transit fee payments.

Oil prices dropped significantly as President Trump and Iran's deputy foreign minister announced an initial deal to end the war and reopen the Strait of Hormuz. The agreement,…