The Nasdaq mostly erased an early 2% loss Thursday after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.

WTI crude oil — which had surged to nearly $115 per barrel as President Trump vowed to continue the war against Iran — fell about $5 on the news.

Crypto ( CRCW ) prices trimmed losses alongside, but remained sharply lower over the past 24 hours. Bitcoin (BTC) at $66,700 is down by 3%, and ether (ETH) at $2,060 is down by the same amount.

Iranian officials framed the move as a matter of coordination rather than control. The country's deputy foreign minister for legal and international affairs, Kazem Gharibabadi, said that even under normal conditions, ship traffic through the strait should be monitored and coordinated with coastal states like Iran and Oman to ensure safety. He added that the proposed measures are not intended to restrict passage, but to "facilitate and ensure safe passage" and improve services for vessels moving through the route.

The remarks come after U.S. President Trump on Wednesday night vowed to hit Iran "extremely hard” in the coming weeks and that the Strait of Hormuz would "open naturally" once the war ends.

Bitcoin (BTC) fell after Trump's remarks and continues to trade about 2% lower over the past 24 hours, in line with crypto stocks, including Coinbase (COIN) and Robinhood (HOOD).