A sudden shift in Middle East tensions sent shockwavesthrough global markets, pushing Bitcoin to its highest level in over two monthsas traders reacted to signs of a possible breakthrough between the UnitedStates and Iran.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)total crypto market capitalization rising to about 2.61 trillion dollars, up 3.16% over the past 24 hours, according to CoinMarketCap. Bitcoin gained roughly 3% on the day and 6% over the week, while Ethereum added about 4% daily and 8% weekly, reinforcing the risk‑on shift in majors.XRP advanced around 3% in 24 hours and 9% over seven days, and Solana posted a more moderate 0.86% daily rise and 5% weekly gain, showing the rally was broad but still led by the largest assets.Geopolitical Shift Drives Market ReactionUS President Donald Trump said Iran had agreed to reopen theStrait of Hormuz, a key oil shipping route that had remained disrupted forweeks. Iranian officials later confirmed the move. Trump added that both sides would cooperate to remove navalmines from the area, signaling a step toward stabilizing regional trade flows.He also outlined broader progress in negotiations. Accordingto Trump, the US and Iran will work together to retrieve Iran’s enricheduranium, which will be transferred to the United States. He said a broaderpeace agreement involving Iran, the US, and Israel is “mostly complete,” withadditional talks expected soon.Trump further claimed that Iran had agreed to suspend itsnuclear program indefinitely and would not regain access to frozen US-heldfunds.Volatility Returns Across AssetsThe geopolitical update did not only impact crypto. Itintroduced volatility across global financial markets, as traders recalibratedrisk following weeks of uncertainty tied to the Middle East conflict.Keep reading: How High Can Bitcoin Go? eToro CEO Yoni Assia Bitcoin Price Prediction Targets $250KThe reopening of the Strait of Hormuz carries implicationsbeyond digital assets. It signals potential stability in energy supply routes,which often influences inflation expectations and broader risk appetite.Oil prices have equally reacted to the new development. The current benchmarks show WTI crude trading at 83.23 dollars, down about 12.1% on the day, while Brent is at 90.89 dollars, lower by roughly 8.6% in the same period. On OilPrice.com’s real‑time feed, front‑month WTI is quoted at 93.53 dollars, up 2.45% on the session, and Brent at 98.18 dollars, up 3.42%, highlighting intraday volatility around the Hormuz headlines depending on which tick you anchor to.This article was written by Jared Kirui at www.financemagnates.com.