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The US naval blockade on Iranian ports is over. US Central Command forces have stopped intercepting vessels bound for Iranian harbors. The blockade, imposed on April 13 by CENTCOM, had turned away dozens of ships in its opening weeks. Its conclusion, confirmed around June 17-18, follows a June 14 agreement between the US and Iran to end hostilities and reopen the Strait of Hormuz. Pakistan mediated the talks that produced the deal, announcing on June 18 that a memorandum of understanding implies the immediate reopening of the strait. Full signing of the MoU is anticipated around June 19.
When oil tankers started paying in Bitcoin
During the standoff, Iran charged vessels up to $2 million per ship, or roughly $1 per barrel, for safe passage through the Strait of Hormuz. The accepted currencies: Bitcoin, USDT, or Chinese yuan.
Bitcoin’s rough ride through the conflict
Bitcoin dropped below $73K amid escalating tensions, including drone incidents near the strait in mid-June. More than $1B in liquidations accompanied one of those sharp sell-offs.
The Strait of Hormuz handles a substantial share of global oil transit. Any disruption there sends shockwaves through energy markets, which in turn rattle equities, which then drag crypto down with them.
What this means for investors
For traders watching the short-term picture, Bitcoin’s recovery trajectory from the sub-$73K levels will depend heavily on whether the ceasefire holds and whether the MoU signing proceeds as expected around June 19. The $1B in liquidations during the recent drop is a reminder that leveraged positions remain dangerously exposed to headline risk from the region.
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