Crude oil prices dropped sharply on May 25, with Brent and WTI futures falling as much as 6% intraday. The decline followed reports that the U.S. and Iran have reached an agreement to fully open the Strait of Hormuz, a critical oil transit route. The U.S. Secretary of State confirmed that a potential agreement with Iran could be signed as early as Monday. In the crypto market, prominent trader CBB0FE (0xefd3a) capitalized on the oil price drop. Holding a heavily shorted position of $18.4 million in Brent crude, CBB0FE now has an unrealized profit of $1.26 million, with a liquidation price set at $131.60.