Oil prices surged above $115 per barrel after strikes near Iran’s Kharg Island, intensifying a supply shock that is now pressuring global markets and crypto assets.
The disruption to the Strait of Hormuz has removed an estimated 12 million barrels per day from global supply, driving US gas prices above $4.14 nationally and over $6 in Los Angeles.
IEA Executive Director Fatih Birol warned the crisis is “more serious than the ones in 1973, 1979 and 2022 together,” as the full impact of the disruption begins to hit markets.
The surge in energy prices is feeding inflation, reducing the likelihood of Federal Reserve rate cuts and tightening liquidity conditions that typically support Bitcoin and other risk assets.
“The single most important solution to this problem is opening up the Hormuz Strait,”
Said Fatih Birol, highlighting the geopolitical dependence underpinning current market stress.
Bitcoin is particularly exposed to this macro backdrop, with analysts pointing to $65,000 as a key support level that could come under pressure if oil prices remain elevated.
With April expected to reflect the full supply shock as pre-war shipments clear, crypto markets are increasingly tied to geopolitical developments and energy-driven inflation dynamics.