Key facts
- U.S. forces conducted strikes on Iranian tankers near Kharg Island and the Gulf of Oman.
- Iran threatened retaliation against regional energy assets and warned ships near U.S. facilities.
- Iran-backed Houthis attacked cities in Saudi Arabia, impacting energy infrastructure.
- Brent crude oil prices rose to $98.63 per barrel due to supply disruption concerns.
- Bitcoin's price remained stable above $78,000 despite the geopolitical events.
Bitcoin prices held steady above $78,000 as geopolitical tensions escalated in the Gulf region, with the U.S. launching strikes against Iranian targets and Iran-backed Houthis attacking Saudi Arabia.
U.S. forces reportedly struck multiple Iranian tankers near Kharg Island and the Gulf of Oman following an attempted strike on an American Navy warship. In response, Iran's Revolutionary Guards threatened oil tankers near ports in Kuwait and Bahrain and warned crews to evacuate vessels near American facilities. Iran is also preparing to establish a maritime exclusion zone around the Strait of Hormuz, a critical chokepoint for global energy markets.
The conflict expanded as Houthi drones and missiles targeted four cities in southern Saudi Arabia, including an airbase and facilities linked to the nation's energy infrastructure. Saudi authorities reported 73 injuries and fires at affected sites, with satellite images showing smoke rising from energy facilities.
Energy markets reacted more significantly, with Brent crude oil settling at $98.63 per barrel, nearing the $100 threshold, due to concerns about potential supply disruptions. Bitcoin, however, showed minimal reaction, remaining around the $78,000 level.
Crypto analysts remain cautiously optimistic about Bitcoin's trajectory. Ted Pillows suggested that a weekly close above $83,000 could propel Bitcoin towards $100,000 this year, though he noted concerns about declining spot demand. Michaël van de Poppe echoed a bullish sentiment, indicating that Bitcoin's recent correction might be nearing its end, with a potential buying zone identified between $72,000 and $74,000.