Cryptocurrencies Surge as Trump Announces Strait of Hormuz Fully Open Amid Iran Tensions

On April 17 2026, Bitcoin climbed above $77,000 and Ethereum gained 3% following U.S. President Donald Trump’s declaration that the Strait of Hormuz is “fully open and ready for full passage,” easing fears of oil supply disruptions. 

Trump shared the update on Truth Social on April 17, stating Iran had announced the key oil chokepoint—handling about one-fifth of global crude—was cleared of sea mines with U.S. assistance. He linked the reopening to progress in U.S.-Iran talks, though he later clarified a U.S. naval blockade on Iranian ships and ports would persist “until such time as our transaction with Iran is 100% complete. 

The pump reflects Bitcoin’s role as a geopolitical hedge, with traders betting on de-escalation; prediction markets now price an 87% chance of Trump lifting the U.S. blockade by May 31, 2026. 

Conflicting Signals from Iran and U.S.

Iran’s Foreign Minister Abbas Araghchi confirmed the strait is open to commercial traffic, tied to a fragile 10-day Israel-Lebanon ceasefire. However, Iranian lawmaker Mahmoud Nabavian disputed full reopening claims, insisting tolls on shipping continue, while state media echoed denials of a $20 billion frozen funds deal for uranium concessions—later rejected by Trump. 

Tehran views the access as temporary, potentially reversible if the truce ends without extension, keeping oil and crypto volatile. U.S. Navy monitoring and White House confirmation of mine clearance could solidify gains, but skepticism lingers in trading volumes on peace deal markets. 

The event underscores crypto’s sensitivity to Middle East tensions, with high oil prices since late February having capped rallies until this headline-driven rebound.

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