Bitcoin is trading around $63,000, down 2% over the last 24 hours, as the United States launched a third round of strikes on Iran and Tehran declared the Strait of Hormuz closed “until further notice.” Brent crude surged 4.5% as weekend futures trading opened.
Key Takeaways
Bitcoin held near $63,000 while Brent crude jumped 4.5% at the open after new US strikes on Iran.Tehran declared the Strait of Hormuz closed “until further notice,” leaving tanker traffic well below normal.June CPI lands July 14, testing how the oil shock feeds inflation ahead of the Fed’s next rate decision.U.S. Central Command said its forces began launching more strikes against Iran over the weekend, the third round in a week, in a campaign officials said targets Iran’s ability to attack commercial vessels. The escalation followed Iranian forces hitting a Cyprus-flagged container ship, and Iranian state media reported explosions along the country’s southern coast, including the energy hubs of Bushehr and Asalouyeh and the port cities of Bandar Abbas and Bandar-e Dayyer.
Tehran responded by declaring the Strait of Hormuz, the chokepoint for roughly a fifth of the world’s oil, closed “until further notice.” Vessel-tracking data showed traffic through the strait well below normal, though some movement continued during Asian trading hours.
Oil markets moved first, with Brent crude surging 4.5% as futures reopened Sunday evening. The reaction has precedent, i.e. when Iran first closed the strait in early March, Brent jumped past $100 a barrel for the first time in four years and later peaked near $120.
