Two things stand out this week:
- The ongoing blockage of the Strait of Hormuz keeps pushing oil prices higher.
- Bitcoin can't hold above $79,000.
Iran-US talks aren't moving forward
Talks between the United States and Iran broke off in the middle of the week.
Traffic through the Strait of Hormuz remained restricted. Fewer ships could pass, and some cargoes faced closer checks.
Oil prices kept rising as a result.
On 27 April, Brent stood at $108.17.
To see how that rise can eventually hit you at the pump, I've built a tool that breaks down fuel prices in France.
Iran proposes a deal
Today, Monday 27 April, Iran offered to reopen the Strait of Hormuz if the United States lifts its blockade of Iranian ports.
In the short term, the market will mainly watch one thing: does the passage actually reopen, or do talks remain stuck?
In my view, even if the strait reopens, the situation could change quickly again.
The past few weeks have shown that reopening doesn't mean the problem is solved.
Bitcoin can't hold above $79k
In crypto, Bitcoin briefly broke above $79,000 before dropping back towards $77,000.
The move comes as Bitcoin ETFs have continued attracting capital for several weeks.
That's probably not the only factor, but it's the most concrete one to track.
The $79,000 area remains a reference point from here.
We'll need to see whether Bitcoin can get back above it with volume, or whether the market keeps stalling below it.
Given recent events and geopolitical instability, I'd be very cautious if I had crypto exposure.