Oil Soars, Bitcoin Plunges as Trump Declares Iran MoU ‘Is Over’

The de-escalation in the Middle East appears to be threatened severely as US President Donald Trump just said the memorandum of understanding (MoU) with Iran ‘is over.’

Most assets opened for trading now reacted with immediate volatility: oil prices rocketed, while BTC dipped below $62,000.

The report from CNN cited Trump, who said he believes the MoU with Iran is over after both parties failed to reach a permanent deal and resumed the airstrikes against each other across the region.

Recall that the Islamic Revolutionary Guard Corps said it responded to a wave of US attacks by launching its own against American military targets in Bahrain and Kuwait. It added that its military has targeted an air base in Bahrain hosting US forces.

The United States began its assault earlier and reimposed sanctions on Iranian oil sales as ‘punishment’ for attacks on ships near the Strait of Hormuz.

Speaking at the ongoing NATO summit in the Turkish capital Ankara, Trump added that he doesn’t want to reengage with Tehran for additional peace talks after the failure of the previous rounds.

As mentioned above, USOIL jumped immediately after the news went live, going to $75 for the first time since June 22. It had fallen below $67,50 just days ago as the markets priced in the war de-escalation.

As it typically happens when there are new attacks in the Middle East, bitcoin headed in the opposite direction. The asset had peaked above $64,000 earlier but began to gradually lose value after the initial attacks.

However, Trump’s worrisome message sent it further south, as the cryptocurrency dipped below $62,000 minutes ago.

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