Bitcoin BTC$70,483.40 and the wider crypto market saw a notable price bounce on Friday after major economies announced joint efforts to boost oil supplies through the now-disrupted Strait of Hormuz.

BTC, the largest cryptocurrency, jumped to $70,800, up more than 1% on the day, extending its recovery from overnight lows under $68,900, according to CoinDesk data. Other major coins, including ether (ETH), XRP (XRP), and solana (SOL), saw smaller gains of less than 1%, lagging behind bitcoin.

West Texas Intermediate (WTI) crude fell nearly 2% to $93.80, alongside similar losses in Brent, after Britain, France, Germany, Italy, the Netherlands, and Japan said they would take steps to stabilize energy markets and join collaborative efforts to ensure safe passage through the Strait of Hormuz. In a joint statement issued by the U.K. Prime Minister Keir Starmer’s office, leaders of these nations condemned the attacks by Iran and urged it to halt its actions immediately.

On Thursday, U.S. Treasury Secretary Scott Bessent said the U.S. may soon remove sanctions from Iranian oil tankers and could release crude from its Strategic Petroleum Reserve.

With the Federal Reserve expressing heightened uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Fed rate cuts. That has left crypto and traditional risk assets largely at the mercy of oil price swings.

The latest drop in oil, though positive, doesn’t end the uncertainty, as military conflict in the Middle East continues. WTI remains near recent support at $92.00, still significantly above pre-war valuations.

“For now, WTI crude continues to hold what appears to be an increasingly important area of support. That level aligns well with prior highs and the short-term trend. As long as oil holds that support and the trend continues higher, it will likely maintain an upward bias,” Mott Capital Management said in an email to its subscribers.

The firm added that positioning in the oil options market suggests higher levels are possible.

Another market that bitcoin traders might want to watch is the S&P 500, Wall Street’s benchmark equity index.

The index closed below its pivotal 200-day simple moving average (SMA) on Thursday – the first such instance since May last year – signaling a bearish shift in momentum. A potential strengthening of risk aversion in stocks could spill over into crypto and the wider financial markets.