The Strait of Hormuz is open for business again. After a naval blockade that choked off one of the world’s most vital energy arteries for over two months, the US signed a memorandum of understanding with Iran that reopened the waterway toll-free starting June 18, 2026.

The immediate market reaction told the story before any diplomat could. WTI crude dropped nearly 5%, while Bitcoin climbed roughly 3% to around $66,000.

From blockade to breakthrough

The blockade began on April 13, 2026, after diplomatic talks in Islamabad fell apart. The US imposed a naval cordon on Iranian ports, effectively bottlenecking a strait that handles around 20% of the world’s oil and liquefied natural gas.

The MoU, signed between June 14 and 17 through a combination of physical and virtual ceremonies, established a 60-day window of toll-free transit through the strait. That clock started ticking on June 18, when over 6 million barrels of oil aboard Saudi supertankers passed through the waterway in the first major transit since the blockade lifted.

Vice President JD Vance, speaking during a cabinet meeting at the White House on May 27, had previewed the administration’s posture by asserting that no single nation would control the strait. In subsequent June updates, Vance doubled down, emphasizing a US commitment to long-term toll-free access through the waterway.

The 60-day window initiates further negotiations covering Iran’s nuclear program and potential sanctions relief. The MoU is, by design, an interim agreement.

What falling oil means for crypto

Bitcoin’s climb to approximately $66,000 fits into a risk-on narrative. During the blockade, it behaved more like an inflation hedge. With the blockade lifted, it behaved like a risk-on speculative asset, with the roughly 3% move following the MoU signing acting as a release valve after a compressed trading range during peak Iran tensions.

The 60-day clock and what investors should watch

The 60-day negotiation window will determine whether this moment becomes a genuine inflection point or just a pause before the next escalation. If talks stall, the threat of renewed blockade activity would re-inject the exact risk premium that just drained out of energy and crypto markets.

Discussions around crypto-based transit fees have emerged from the Iranian side, with cryptocurrency settlement mechanisms noted as part of broader sanctions workaround or trade facilitation framework discussions. That would also, almost certainly, trigger a regulatory response from Washington.