Iran says the Strait of Hormuz stays closed until the US meets a list of conditions, even as President Trump says the waterway is open and that no talks with Tehran are scheduled. The standoff has pushed Brent crude above $90 a barrel and sent Bitcoin toward $65,000.
The Strait of Hormuz remains shut to commercial shipping after the interim ceasefire deal between the US and Iran expired on Monday, and Trump said on Tuesday that no talks or conversations with Tehran are ongoing or scheduled. Trump claimed the strait is open and operating, but Iran disputes that.
Iran's price for reopening the strait
Iran's parliament speaker and top negotiator, Mohammad Bagher Ghalibaf, said the naval blockade, asset freezes, oil sanctions, and military operations must all end before the strait reopens, adding war compensation and a halt to US support for attacks on Iranian allies to the list. Ghalibaf said Iran will hold that position until Washington meets those terms: "the strait will not be opened." The US has refused the proposals, CryptoBriefing reported, as the war approaches its six-month mark, per CoinGape.
The closure traces back to February 28, 2026, when Iran shut the strait following joint US-Israeli strikes. Partial reopenings occurred intermittently between April and August under a series of ceasefires, and the June 17 memorandum of understanding set a 60-day window for free commercial passage before that framework collapsed over control of the waterway. Shipping traffic has since slowed to a near standstill, and the UK Maritime Trade Operations agency said a ship making an outbound transit was struck by an unknown projectile on Tuesday, damaging its engine room and causing a crew casualty.
Oil and bonds price in a longer standoff
Brent crude futures rose above $90 a barrel, reviving concerns about energy-driven inflation and tighter central bank policy. The strait normally carries roughly a fifth of the world's oil and liquefied natural gas. CryptoBriefing reported that the disruption particularly affects Asian economies heavily dependent on Gulf crude imports. US Treasury yields moved the same way, with the 30-year yield touching a more than two-decade peak.
Bitcoin holds gains, Fed-hike odds slip
Despite the uncertainty, Bitcoin rallied to the psychological $65,000 level, trading near $64,700 after an intraday low below $64,000. Meanwhile, Polymarket data cited by CoinGape showed the odds of a Fed rate hike falling to 49%, down from a recent high above 60%.
Sources: Investing.com, CryptoBriefing, CoinGape
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