Bitcoin's price has held above $78,000 despite an escalation in fighting between the United States and Iran across the Gulf region. Reports indicate that U.S. forces struck multiple Iranian tankers after Iranian forces attempted to target an American Navy warship.
Iran Threatens Response and Maritime Restrictions
According to Iranian media, U.S. forces began targeting Iranian shipping near Kharg Island and the Gulf of Oman, resulting in tankers being hit near Kharg Island and Jask. In response, Iran's Revolutionary Guards threatened oil tankers around ports in Kuwait and Bahrain and warned crews to leave vessels near facilities linked to American forces.
Tehran is also preparing a maritime exclusion zone around the Strait of Hormuz, with Iranian officials warning that further U.S. attacks could prompt retaliation against regional energy assets.
Conflict Expands Into Saudi Arabia
The conflict expanded as Iran-backed Houthis launched drone and missile attacks against four cities in southern Saudi Arabia, targeting an airbase and Saudi energy infrastructure facilities. Saudi authorities reported that 73 people were injured, with fires breaking out at sites in Jazan and Abha, while satellite images showed smoke rising above the affected energy facilities. Meanwhile, Saudi-backed Yemeni forces renewed operations against Houthi-held areas.
Energy Markets Climb While Bitcoin Holds Steady
Energy markets reacted sharply to the intensifying conflict, with Brent crude settling at $98.63 per barrel and moving closer to the $100 threshold due to concerns over supply disruptions in the Strait of Hormuz.
Despite the macroeconomic pressures, Bitcoin remained around the $78,000 level. Crypto analysts have shared mixed outlooks on the asset's trajectory. Analyst Ted Pillows noted that Bitcoin recently formed a daily golden cross, suggesting that a weekly close above $83,000 could support a move toward $100,000, though he cautioned that declining spot demand remains a concern. Additionally, analyst Michaël van de Poppe suggested that Bitcoin's recent correction may be nearing completion, identifying $72,000 to $74,000 as a potential deeper buying zone if further declines occur.
