Bitcoin Eyes $70K, Oil Drops As Trump Claims War Is Almost Over

The S&P 500 and gold are also rising.

After a day of more volatility caused by the rapidly developing situation in the Middle East, the price of Bitcoin targeted 70,000 minutes before Trump addressed the war and the Strait of Hormuz.

His words sent shock waves across other financial sectors, particularly oil, as the CFD on WTI crude futures fell to $90 a barrel today after rising sharply to $120 a barrel.

BREAKING: President Trump says, “I think the war is too complete, too much.”

Oil prices officially turned negative on the day, erasing a +30% gain in one of the biggest intraday swings on record. pic.twitter.com/c01Ni9RZIS

— Kobeissi Letter (@KobeissiLetter) March 9, 2026

POTUS’s indication that the war is almost over comes at a very interesting time, as Iran just elected a new supreme leader – Mujtaba Khamenei, the son of a former president. Trump has repeatedly stated that he is not happy with this choice and called it a big mistake.

Meanwhile, reports continue that several countries in the region, including the United Arab Emirates and Turkey, continue to intercept more drones and missiles from Iran.

According to reports, President Trump, while discussing the situation in the Middle East, added that the US is considering taking over the Strait of Hormuz, which has been essentially closed for several days, thereby reducing the amount of goods transported, mainly oil.

As mentioned above, oil prices fell again after hitting multi-year highs earlier this morning following Trump’s recent comments. Gold and the S&P 500 went on a run, with the former hitting $5,140/oz while the latter rose above $6,800.