Oil Hits $100 as Iran Tensions Escalate — Why Bitcoin and Altcoins Are Falling

Bitcoin and the wider crypto market moved sharply lower on Thursday as escalating tensions between the United States and Iran pushed oil above $100 per barrel. The renewed geopolitical uncertainty erased part of this week’s crypto recovery and returned inflation and interest-rate concerns to the center of the market.

Bitcoin fell below $65,000 after recently approaching $67,000. Ethereum slipped under $1,900, while XRP, Solana, Dogecoin and Cardano recorded even larger daily losses.

The immediate question is whether this is a temporary reaction to breaking news or the beginning of another significant crypto correction.

Why Did Oil Rise Above $100?

Brent crude jumped approximately 7% to more than $100 per barrel, reaching its highest level in nearly two months. West Texas Intermediate also moved above $90.

The surge followed attacks by Iran-aligned Houthi forces on two Saudi oil tankers in the Red Sea. The group also threatened to disrupt Saudi oil shipments through the Bab el-Mandeb Strait, one of the world’s most important maritime trade routes.

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