Oil edges up as traders react to US-Iran strike escalation, Bitcoin feels the heat

Crude oil jumped more than 3% after the latest round of US-Iran military strikes sent traders scrambling to price in the growing risk of a full-blown supply disruption through one of the world’s most important shipping lanes.

West Texas Intermediate settled up as much as 3.1% near $90.89 per barrel on the June 10-11 trading sessions, while Brent crude climbed 2.7% to approximately $93.92. For context, that puts Brent nearly 36% above pre-war levels and WTI roughly 50% higher than where it sat before the conflict erupted on February 28.

The Strait of Hormuz problem

The Strait of Hormuz handles roughly 20% of global oil flows. The conflict has now stretched past 100 days as of early June 2026, cycling through military engagements, fragile ceasefires, and diplomatic talks centered on Iran’s nuclear activities. President Donald Trump has signaled the possibility of further US military actions, while Iranian officials are reportedly weighing their response options alongside a review of ongoing negotiation efforts.

Despite prior peaks that pushed crude above $120 per barrel during the hottest phases of the conflict, prices had cooled somewhat before this latest escalation dragged them back toward the $90 range.

Bitcoin catches a cold from geopolitical flu

Bitcoin dropped to six-week lows below $73,000 on May 28 following US-Iran military strikes, reflecting the kind of broad risk-off sentiment that tends to punish volatile assets first.

Earlier this year, Bitcoin rallied beyond $72,000 on ceasefire news, demonstrating just how tightly the coin’s price action has become tethered to geopolitical headlines.

What this means for crypto investors

Extended military conflicts tend to drive increased government spending, and market experts have flagged that rising inflation expectations from war-driven spending could eventually channel capital toward crypto as a store of value.

Any credible movement toward a diplomatic resolution, particularly one addressing Iran’s nuclear program, could trigger a sharp relief rally. Conversely, a breakdown in talks or an incident in the Strait of Hormuz itself would likely send crude toward those prior peaks above $120 and push Bitcoin further into risk-off territory.

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