Bitcoin settled near $65,000 on Friday as the broader crypto market posted gains, even as Brent crude surged to $97.66 — its highest level since May — and the ongoing Iran conflict kept oil prices elevated. The move higher came despite oil's push toward $100, a level that has historically rattled risk assets.
Oil's climb and crypto's calm
Brent crude jumped to $97.66, the highest since May, driven by persistent tensions in the Middle East. The Iran conflict, which has dragged on for months, continues to tighten supply expectations. But the crypto market didn't flinch. Instead, it broadly rose on Friday, suggesting traders aren't treating the oil spike as a threat to risk appetite — at least not yet.
Bitcoin holds $65K
Bitcoin settled near $65,000, a level it has held for much of the week. The stability comes as the broader crypto market also saw gains, though the move was broad rather than led by any single token. The lack of a negative reaction to oil's surge stands out, especially given that energy price shocks have sometimes triggered selloffs in crypto in the past.
Iran conflict backdrop
The Iran conflict remains a key driver of oil prices. The situation shows no signs of de-escalation, keeping Brent crude elevated and pushing it toward the psychologically important $100 mark. For now, crypto appears to be trading on its own fundamentals, ignoring the geopolitical jitters that are boosting energy markets.
