US President Donald Trump posted on his social platform, Truth Social, that Iran has “just informed us” it has entered a “state of collapse.”
He added that Iranian authorities want to reopen the Strait of Hormuz as soon as possible while they work to “figure out their leadership situation.”
Trump’s remarks came amid a sharp rise in oil prices, which earlier climbed just above $100 per barrel. Eleven days ago, USOIL had fallen below $80 when reports suggested the two sides were nearer to a lasting peace agreement and Iran had indicated it would reopen the Strait of Hormuz.
That reopening was quickly reversed, helping push prices back up. Following Trump’s post, USOIL eased back below the $100 mark and remained under that level at the time of reporting.
In the cryptocurrency market, Bitcoin continued a 24-hour slide and dipped below $76,000, reaching a weekly low. The coin was rejected around $79,500 yesterday and has lost more than $3,500 since then.
Investors are also watching the conclusion of the Federal Open Market Committee’s third meeting of the year tomorrow, where the Fed is widely expected to keep its key interest rates unchanged. Even without rate changes, Bitcoin has tended to fall following FOMC meetings over the past year, a pattern that adds to market caution ahead of the announcement.