Near And Worldcoin Lead Crypto Rally After Iran Breakthrough

Geopolitical Breakthrough Sparks Risk-On Move

Worldcoin ($WLD) surged 20% in 24 hours and NEAR Protocol ($NEAR) climbed 12% as crypto markets responded sharply to news that the United States and Iran had reached a peace agreement. An agreement was reached between the two countries to end fighting and reopen the Strait of Hormuz, according to President Donald Trump and details of a draft memorandum of understanding released by Iranian state-affiliated media.

Trump declared on Truth Social that "The Deal with the Islamic Republic of Iran is now complete." He authorized "the toll free opening of the Strait of Hormuz" and simultaneously authorized "the immediate removal of the United States Naval blockade."

Details of the deal were not immediately released in full, and Iran signaled implementation would not begin until the formal signing, which key mediator Pakistan said would take place in Switzerland. The agreement includes a provision that Iran reaffirm its commitment to abstain from producing nuclear weapons, according to Iranian media.

Why Crypto Markets Reacted

The Strait of Hormuz is crucial to significant shipments of oil, natural gas, and related products, and its effective closure has rocked the global economy. US Energy Information Administration data showed that about 20% of global petroleum liquids consumption moved through the passage in 2024. A resolution removes a key source of macro uncertainty that had weighed on risk assets for months.

Higher energy costs had weighed on global markets for months and added pressure to crypto during periods of ETF outflows. With the deal announced, traders rotated back into higher-beta assets. A reopening of the strait would lead to lower oil prices, lower inflation, and reduce the chances that the Federal Reserve will hike interest rates, all conditions that tend to support risk appetite across financial markets, including crypto.

Benchmark Brent crude oil fell more than $3 a barrel on the news as Asian stock markets rallied, reinforcing the broader relief trade. $WLD and $NEAR, both of which had faced sustained selling pressure during the conflict-driven macro downturn, were among the sharpest beneficiaries of the shift in sentiment.

Sources:
NBC News: United States and Iran reach agreement to end war and reopen the Strait of Hormuz
Al Jazeera: US-Iran peace deal announced, Strait of Hormuz reopening
Crypto.news: Bitcoin eyes relief rally as Trump says Iran deal may be signed