Bitcoin

While the event itself is religious and non-economic, the 'despite Iran war fears' framing underscores persistent geopolitical tension in the region. Markets have already priced in a modest risk premium for oil disruption; the smooth execution of Hajj slightly reduces that premium. However, this is a low-significance signal—the underlying Iran-Saudi proxy conflict remains unresolved and could escalate on other timelines.

More than 1.5 million foreign pilgrims began Hajj in Saudi Arabia, 11,000 more than last year, despite Iran war fears.