Bitcoin remained near $86,000 Tuesday as U.S. equities edged higher and crude oil prices retreated after reports indicated Iran could reopen the Strait of Hormuz within seven days.

WTI crude briefly fell to about $89 a barrel, marking a decline of more than 2.5% and leaving prices roughly 15% below their September high. Brent crude also dropped below $98.

The move followed reports citing a senior Iranian official who said the Strait could be reopened within a week if the U.S. eased military pressure and lifted its blockade of Iranian ports. A potential reduction in Middle East tensions could support risk assets by lowering energy costs and easing some inflation concerns.

Bitcoin was trading at roughly $86,000, up more than 1% over the past 24 hours. The cryptocurrency nevertheless remained around 1.5% below Monday’s evening peak above $87,000, after reaching an intraday high near $87,300.

The initial oil decline was later moderated after Iranian sources rejected reports about an agreement to reopen the Strait. LiveSquawk, citing Fars News Agency, reported that Iranian officials denied claims from Kyodo and Reuters that Iran was prepared to reopen Hormuz if the U.S. ended its blockade. WTI subsequently climbed back to around $90.20 after reaching a low of $89.16.

Wall Street opened Tuesday with limited gains. Roughly 20 minutes into the session, the Nasdaq was 0.4% higher and the S&P 500 had gained 0.1%.

Technology shares provided some support, with SanDisk advancing 6.7% and Google rising 1.9%. Financial stocks moved in the opposite direction, with JPMorgan, Wells Fargo and Citigroup each down about 1%. The sector has been pressured by the Federal Reserve’s latest rate-hike cycle, which has flattened the yield curve and could narrow lenders’ profit margins.

Meanwhile, SoFi has begun using its SoFiUSD stablecoin for settlement on Mastercard’s network, covering transactions generated by its $25 billion debit and credit card program.

The blockchain settlement occurs behind the scenes, meaning merchants do not need to accept or maintain stablecoin holdings. SoFiUSD is issued by SoFi Bank, a nationally chartered U.S. bank, and is redeemable for dollars at a 1:1 rate.

SoFi said it is speaking with major U.S. merchants and expects to examine cross-border payments and remittances alongside Mastercard.

The development comes as SoFi’s stock has fallen 37% year to date. The company reported a 40% increase in second-quarter adjusted net revenue to $1.2 billion and membership of 15.8 million. However, higher Treasury yields, valuation concerns and increased lending exposure have weighed on the shares.

Attention in bitcoin derivatives is also turning toward Friday’s $14 billion options expiration on Deribit. Ledn co-founder Mauricio Di Bartolomeo described it as the year’s largest single bitcoin options expiration.

Di Bartolomeo said quarterly expirations such as September’s unfold in two stages. The first occurred last week with the expiration of options linked to BlackRock’s IBIT, which he described as the largest expiration for the ETF on record.

That options book was heavily concentrated in calls, with maximum pain near $40 per share. Bitcoin’s move above $80,000 pushed a significant number of those contracts above their strike prices, leaving dealers who sold them needing to hedge their exposure.

Such hedging can involve buying IBIT shares, while the creation of new spot bitcoin ETF shares requires purchases of bitcoin itself, potentially adding to demand for the cryptocurrency.

Friday’s Deribit contracts feature notable call concentrations around $85,000 and $100,000. Bitcoin is already trading above the $85,000 level.

Gold was largely unchanged over the past 24 hours at approximately $4,336 an ounce, while BTC continued to consolidate around $86,000.