Iran declared the Strait of Hormuz fully open to commercial traffic Friday morning, and global markets moved fast. Bitcoin crossed $78,001 for the first time in months. Oil slid. Stocks climbed. Then Trump reminded everyone the US naval blockade is still running.

Iranian Foreign Minister Abbas Araghchi posted the announcement directly on X. According to Araghchi on X:

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.”

That post landed and the reaction was immediate. Bitcoin climbed to $78,001.44, up 5.53% in 24 hours and 7.08% on the week, according to CoinMarketCap data. It had been stuck below $77,000 for weeks, grinding against the same resistance band that capped every rally since early February. Friday was the first clean break above it.

Crypto Goes Green Across the Board

It was not only Bitcoin. Ethereum climbed to $2,450.98, posting a 9.31% weekly gain. XRP hit $1.50, up 10.78% over seven days. Solana moved to $90.15. Dogecoin printed $0.1010, up nearly 8% on the week. The broader market turned risk-on hard.

Raphael Zagury, CEO of crypto mining firm Elektron Energy, had flagged this dynamic earlier in the week. He told DL News that falling oil prices driven by easing geopolitical risk tend to ease inflation expectations and support liquidity, adding that this is “generally constructive for risk assets, including Bitcoin.” Friday’s move fit that pattern closely.

QCP Capital, one of the largest digital asset market makers globally, framed it differently in a note to clients. The firm said a ceasefire extension alone is no longer enough, and that markets need tangible progress such as restored energy flows and clearer disinflation. That caveat matters. The strait is open. Iran’s ports remain under US blockade.

Trump Welcomes It, Then Keeps the Blockade

President Trump reacted to Araghchi’s X post with a Truth Social message in all caps. As reported by BBC, Trump wrote:

“IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR FULL PASSAGE. THANK YOU.”

He then posted a second message. The US naval blockade, he said, stays fully active until a long-term deal between Washington and Tehran reaches completion. Per The Hill’s coverage, Trump wrote:

“THE STRAIT OF HORMUZ IS COMPLETELY OPEN AND READY FOR BUSINESS AND FULL PASSAGE, BUT THE NAVAL BLOCKADE WILL REMAIN IN FULL FORCE AND EFFECT AS IT PERTAINS TO IRAN, ONLY, UNTIL SUCH TIME AS OUR TRANSACTION WITH IRAN IS 100% COMPLETE.”

Chairman of the Joint Chiefs Air Force Gen. Dan Caine confirmed Thursday that over 10,000 sailors, marines, and airmen across more than a dozen ships are running that blockade. He stated enforcement occurs both inside Iran’s territorial seas and in international waters. Iranian ports are not open for business.

Brent crude, the global benchmark, dropped to $89 a barrel Friday. West Texas Intermediate fell to $81. Both had been trading above $100 for much of the month after traffic through the strait was throttled following the start of the US-Iran war on February 28. PressTV framed the reopening as Iran’s coordinated response to the Lebanon ceasefire, not a concession to Washington.

The Nuclear Clause and the NATO Snub

Trump added two more details on Truth Social Friday that neither the ceasefire announcement nor the blockade statement covered. He claimed Iran agreed to hand over its “nuclear dust,” an apparent reference to enriched uranium produced during the conflict. No Iranian official publicly confirmed this. He also said Israel will not bomb Lebanon going forward, writing separately that the US would handle the Hezbollah situation through its own channels.

NATO called the Trump administration Friday to ask if the US needed help after Iran’s Hormuz announcement. Trump declined. On Truth Social he wrote:

“I TOLD THEM TO STAY AWAY, UNLESS THEY JUST WANT TO LOAD UP THEIR SHIPS WITH OIL. They were useless when needed, a Paper Tiger!”

He then thanked Saudi Arabia, the United Arab Emirates, and Qatar by name for their “bravery and help” throughout the conflict. Gulf allies praised, Western alliance brushed aside.

A second round of US-Iran talks is being arranged through Pakistan. Vice President JD Vance led the first round in Islamabad last week, which produced no agreement. The Pakistani Foreign Ministry confirmed Thursday that Washington and Tehran are in contact through Islamabad to set a date, but none is confirmed. Trump told reporters Thursday he may travel to Islamabad himself if a deal gets close.

The 10-day Israel-Lebanon ceasefire that directly triggered Friday’s Hormuz opening took effect Thursday at 5 p.m. ET. Whether Hezbollah holds to it, and whether Iran’s commercial opening survives the ceasefire window, are the two questions every energy trader and crypto desk is now watching.