Brent crude fell below $80 a barrel for the first time since March and U.S. oil dropped below $76 as traders priced in reported de-escalation involving Iran, reduced disruption risk in the Strait of Hormuz, and the possibility of higher regional supply, including increased Iraqi exports. Reports differed on the immediate catalyst, citing a possible temporary or preliminary U.S.-Iran agreement, a reported Iran-Israel ceasefire, Trump canceling a strike on Iran on June 12 and saying he would sign a peace agreement, or an initial peace deal to reopen the waterway, but Washington and Tehran had not published any accord text and WEEX Labs said execution remained uncertain. The move rippled across markets: Bitcoin and equities were reported inconsistently as either rising on improved risk sentiment or slipping as inflation and Federal Reserve concerns offset geopolitical relief, while Hyperinsight said a Hyperliquid whale cut about $19.33 million of crude-long exposure amid $46.6 million in crypto liquidations.