Expert Says Iran’s Hormuz Blockade Threat Likely Political, Market Rebounds

In Brief:

Analyst Anas Hajji believes Iran’s threat to block the Strait of Hormuz is mostly rhetorical.

Oil and crypto markets stabilize, with BTC rebounding above $101K.

Energy analyst Anas Hajji suggests that Iran’s recent threat to block the Strait of Hormuz may be a political move aimed at domestic audiences rather than a concrete military plan. Despite the initial tension, Brent crude retreated from $77.79 to $77 per barrel, rising only 1.4%. Analysts note that 80% of the oil passing through the strait is bound for Asia, meaning a blockade could hurt Iran’s regional allies. The easing fears also impacted crypto markets, with Bitcoin rebounding from a low of $98,000 to above $101,000. ING Group added that concerns over shipping disruptions are now fading.

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