Bitcoin’s push toward $78,000 ahead of today’s Federal Open Market Committee (FOMC) meeting was abruptly halted, likely influenced by recent developments in the conflict with Iran. The cryptocurrency slid about $1,500 within minutes following the reports.
At the same time, oil prices jumped again: US crude (USOIL) climbed to $105 per barrel for the first time since April 13. The surge followed reports that President Donald Trump discussed with U.S. oil officials the prospect of extending a naval blockade of the Strait of Hormuz.
BREAKING: US oil prices extend gains to $105/barrel as President Trump prepares to extend the US “blockade” of the Strait of Hormuz for months. pic.twitter.com/RIuUti8xMt
— The Kobeissi Letter (@KobeissiLetter) April 29, 2026
Previously, the Wall Street Journal reported that the president had instructed aides to prepare for an “extended blockade” of the Strait. Iranian state media responded by warning of “unprecedented military action” if U.S. seizures of vessels linked to Iran continue.
Separately, Bloomberg reported that Israeli Prime Minister Benjamin Netanyahu is considering a potential trip to Washington to discuss developments on the war front.
Unlike oil, Bitcoin’s price reacted immediately to the blockade reports, falling from nearly $78,000 to about $76,400. It has since recovered toward $77,000, but further volatility is expected later today when the Federal Reserve concludes its FOMC meeting—the third of the year—potentially influencing market direction.