Key Takeaways:
Bitcoin rebounded past $74,000 on May 29 after a sharp intraday drop to a multiweek low of $72,395.Donald Trump’s post on Truth Social triggered a U.S. stock surge and cut Brent crude prices toward $91.Analysts watch Tehran over the next 48 hours to see if Iran verifies the deal or if it collapses.Although the reported memorandum of understanding remains subject to formal ratification by Trump and Iranian leadership, the president’s social media confirmation was enough to spark a market reversal—igniting a rally in U.S. equities while triggering a sell-off in energy markets.
Brent crude, which started the week flirting with the $100-per-barrel threshold, plunged to an intraday low of $91.47, while West Texas Intermediate (WTI) declined to $87. The collapse in crude prices, paired with the imminent reopening of the Strait of Hormuz, is expected to inject substantial deflationary relief into the global economy, potentially allowing central banks to ease off aggressive monetary tightening.
