Iranian and Omani negotiators have finalized a draft agreement to reopen the Strait of Hormuz, the narrow waterway that handles roughly 20% of global oil shipments, or about 20 million barrels per day. The 60-day interim framework, finalized around August 5, 2026, now awaits approval from Iran’s Supreme Leader. The deal includes provisions allowing toll payments denominated in cryptocurrency or the Chinese yuan rather than traditional fiat currencies. Bitcoin surged more than $2,000 to climb back above $64,000 following reports of the deal’s progress. Iran had already launched a Bitcoin-backed shipping insurance product called Hormuz Safe in May 2026, signaling its growing willingness to use digital assets to bypass traditional financial channels constrained by sanctions.
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