The Nasdaq largely erased its approximately 2% drop in early trading Thursday, easing concerns about disruptions to global oil shipments, following news that Iranian officials indicated they would draft an agreement with Oman to manage shipping through the Strait of Hormuz. WTI crude oil, which had surged to nearly $115 per barrel after President Trump pledged continued pressure on Iran, quickly fell by about $5 per barrel after the news broke. The cryptocurrency market also narrowed its losses, with Bitcoin at $66,700, down about 3%, and Ethereum at $2,060, also down 3%. Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the move was about coordination, not control, and aimed at ensuring the safety of shipping through the Strait of Hormuz and improving services, not restricting passage. Previously, President Trump had pledged to exert "extreme pressure" on Iran and stated that the Strait of Hormuz would "naturally open" after the war, causing short-term declines in Bitcoin and crypto-related stocks, including Coinbase and Robinhood, following Trump's remarks. (CoinDesk)