Oil extends losses as Trump cancels planned strikes on Iran

President Trump cancelled planned military strikes on Iran, easing immediate oil market fears and causing oil prices to extend losses. This de-escalation suggests potential diplomatic progress as nuclear talks move forward. Simultaneously, Bitcoin rallied to $74K. While the move may boost diplomatic efforts, it could increase scrutiny on crypto markets regarding sanctions evasion. The decision addresses immediate tensions but leaves long-term supply concerns regarding oil and the broader geopolitical landscape for digital assets.