Bitcoin Advances as Oil Jumps Toward $100 on Further Middle East Strikes

Bitcoin rose over the weekend as escalating tensions in the Middle East pushed oil prices sharply higher, prompting investors to assess the potential spillover into global markets.

The world’s largest crypto traded at about $72,950 on Sunday, up roughly 2.5% over the past 24 hours, according to CoinGecko data. 

The move came after a volatile weekend that saw Bitcoin briefly dip toward $70,500 before rebounding as traders digested the latest geopolitical developments.

With oil markets now focused on the risk of disruptions to energy flows through the Strait of Hormuz, traders across asset classes are watching closely for signs that the conflict could widen and spill into broader financial markets.

Crude oil jumped roughly 3% on Sunday night, climbing to around $100 a barrel, and marking its highest level since July 2022, as the conflict involving Iran entered its third week following U.S. strikes on military facilities on Kharg Island, a key hub for the country’s oil exports.

In a post on Truth Social on Saturday, President Donald Trump said U.S. Central Command had conducted “one of the most powerful bombing raids in the history of the Middle East,” targeting military sites on the island. 

Trump said the U.S. had deliberately avoided striking Iran’s oil infrastructure but warned that the decision could change if Iran interferes with shipping through the Strait of Hormuz, a narrow corridor that carries roughly one-fifth of the world’s oil supply.

Kharg Island handles about 90% of Iran’s oil exports, making it one of the most strategically sensitive pieces of energy infrastructure in the region.

The price of oil matters for Bitcoin. Higher energy prices and subsequent inflationary spikes complicate the Federal Reserve’s path to further rate cuts, prolonging a higher-for-longer regime and a tightening of global liquidity.

While developments in Iran have rattled commodity markets, the conflict has largely left broader risk assets relatively steady as of late Sunday evening. 

U.S. equity futures edged higher, with Dow Jones futures rising 0.15%, S&P 500 futures gaining 0.15%, and Nasdaq-100 futures up 0.14% to 24,640.

Bitcoin’s weekend price action reflected the uncertainty, though its performance since the war began on February 28 has remained resilient, with analysts pointing to a crypto-specific demand rather than a broader macro decoupling.

Prices briefly climbed above $73,475 late Friday before retreating after the initial headlines around the strikes. The crypto then stabilized through Saturday and Sunday, gradually recovering back above $72,000.

The rebound suggests crypto traders are weighing geopolitical risks against continued demand for digital assets, though others have warned that further harm to the global economy could result if the war persists.