Crypto markets pulled back after the announcement, with SOL dropping below $77 while oil climbed above $78, up 3% on the news.
Bitcoin fell below $64,000 and SOL dropped under $77 after Iran said the Strait of Hormuz would close until further notice. The move hit crypto alongside a rise in oil, which climbed above $78, up 3% on the news. The reaction points to a broader risk-off shift, with traders moving as geopolitical tensions raised concerns over energy supplies and global market stability.