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

The de-escalation in the Middle East appears to be severely threatened as US President Donald Trump stated that the memorandum of understanding (MoU) with Iran ‘is over.’ Most assets opened for trading with immediate volatility: oil prices rocketed, while Bitcoin dipped below $62,000.

According to a CNN report, Trump believes the MoU with Iran is over after both parties failed to reach a permanent deal and resumed airstrikes against each other across the region. The Islamic Revolutionary Guard Corps responded to a wave of US attacks by launching its own against American military targets in Bahrain and Kuwait, including 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 Ankara, Turkey, Trump added that he does not want to reengage with Tehran for additional peace talks after the failure of previous rounds.

As a result, USOIL jumped to $75 for the first time since June 22, having fallen below $67.50 just days ago as markets priced in war de-escalation. Bitcoin, which typically moves in the opposite direction during Middle East attacks, had peaked above $64,000 earlier but gradually lost value after the initial attacks. Trump’s worrisome message sent it further south, dipping below $62,000 minutes ago.

Source: https://cryptopotato.com/oil-soars-bitcoin-plunges-as-trump-declares-iran-mou-is-over/