Bitcoin Falls Below $77K as Oil Surges Past $90 Amid Escalating US Iran Conflict

• Oil prices have surged as renewed US-Iran tensions push Brent toward $95 and WTI above $90, putting fresh pressure on global energy markets
• The Strait of Hormuz remains a key concern for global energy shipments, with continued shipping disruptions potentially keeping oil prices elevated
• Rising oil prices are also weighing on Bitcoin and Ethereum, with both assets falling sharply as investors move away from riskier markets amid heightened geopolitical and inflation concerns

The US-Iran conflict is once again weighing on global financial markets, pushing prices of key assets higher. The renewed US-Iran conflict has now sent oil prices to continue to stay elevated; the crude oil price is soaring, with Brent moving above $95. In addition to this, WTI has settled above $90 while Brent is hitting $95 in the process. This jump has also spilled into other assets in the financial sector. Bitcoin and Ethereum have also taken massive hits in the process, falling to steady at $77K and $2.4K, respectively. The latest escalation has once again reignited the narrative of rising oil prices. Will it continue to push oil prices higher?

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Oil Price Surge As US-Iran Conflict Escalates

In a fresh US-Iran escalation, the US has launched another round of strikes on Iran. The US central command later said that the operation followed an attempted Iranian attack on commercial shipping in the Strait of Hormuz and American service members in the region.

Iran has also retaliated in the process, firing drones and missile attacks against key US locations across the region. This heated exchange has taken a toll on the energy markets, with oil prices surging towards $95. As a result, WTI gained 5.2% to settle at $90.22 a barrel. Brent, on the other hand, has hit $94.65, sitting at its highest closing level since July 2026. Brent has since moved above $95 in Wednesday trading, while WTI has remained above $90.

Strait Of Hormuz Disruption Continues To Weigh On Global Markets

The real concern stems from the fact that the strait of Hormuz remains a key area for global energy shipments. The recent military activity has significantly disrupted the shipping flow through Hormuz, with investors watching for key developments, ready to shift sides if the tensions escalate.

With the Strait of Hormuz being a sensitive point for global shipping routes, even disruptions to shipping through the strait can create significant ripple effects across global markets. If tanker traffic remains restricted through the strait of Hormuz or if the conflict escalates, oil prices may continue to be affected and could face further upward pressure.

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Higher Oil Prices Weigh on Bitcoin

The higher oil prices have started to spill into other key market domains. The US-Iran conflict has also affected the Bitcoin market, impacting its price. The asset has fallen to sit at $77K as a result, as investors continue to move away from riskier assets.

At the same time, Ethereum has also taken a sharp fall in the process, hitting the $2.4K price mark. Around $115M in crypto positions have also been liquidated as a result, creating another bearish setup in the process. The roughly $115M figure refers to leveraged long positions liquidated within a one-hour period during the sharp sell-off. Higher oil prices may also create further problems. If the oil prices continue to stay elevated, it may add inflationary pressure and complicate expectations around the Federal Reserve, weighing more on additional asset sectors.

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