Brent crude oil punched through $100 a barrel this week as President Donald Trump said he's close to ordering a massive strike on Iran — but hasn't made a final call. The threat comes just weeks after a late-June truce between the U.S. and Iran fell apart, and it's already rattling markets. Bitcoin, which has been stuck near $65,000 for weeks, slipped about 2% to around $64,755 as traders priced in the risk of a wider conflict.
Oil tops $100 as Trump weighs Iran strike
Brent crude has stayed above $100 after the president's Truth Social post, with U.S. crude hovering near $93 a barrel. The earlier U.S. military campaign against Iran was called Operation Epic Fury, and the administration's stated goal is to stop Iran from attacking ships in the Strait of Hormuz. That narrow waterway sees about 20 million barrels of oil pass through daily — nearly a fifth of global supply, according to the Energy Information Administration.
It's not just the Strait of Hormuz. Iran-backed Houthi rebels in Yemen have been hitting Saudi ships in the Red Sea, threatening the Bab el-Mandeb strait, another critical oil route. Trump wrote on Truth Social that the U.S. would hold Iran responsible for those Houthi strikes, raising the stakes even higher.
Bitcoin slides as geopolitical risk returns
On July 8, Bitcoin fell below $62,000 and oil jumped when Trump ended an earlier deal with Iran. This week's slide is more modest — about 2% — but the pattern is familiar. Cryptocurrency markets often decline when oil prices surge due to Middle East tensions, and this time is no different. Bitcoin has been range-bound near $65,000 for weeks, and the latest geopolitical shock hasn't given it a reason to break out.
The timing isn't great for crypto bulls. With oil above $100 and the threat of a U.S.-Iran conflict looming, risk assets tend to take a hit. Bitcoin's move lower this week suggests traders are paying attention.
No deadline, no clarity
Trump set no deadline for his decision on a strike, leaving markets in a holding pattern. The uncertainty itself is a drag — investors hate not knowing what comes next. The president's statement that he is "close" to ordering action but hasn't decided yet keeps the door open for either escalation or de-escalation, and that ambiguity is weighing on sentiment across the board.
For now, oil stays elevated, Bitcoin stays stuck, and everyone waits to see whether Trump pulls the trigger.
