Global oil prices moved lower after leading economies signaled coordinated action to stabilize energy markets, helping fuel a rebound across crypto assets.
Bitcoin led the move higher on Friday, climbing to $70,800—up more than 1% on the day—after recovering from overnight lows below $68,900. The broader market followed, though gains were more muted. Ethereum, XRP, and Solana each posted increases of less than 1%, underperforming bitcoin’s advance.
In energy markets, West Texas Intermediate crude dropped करीब 2% to $93.80, with Brent crude seeing similar declines. The pullback followed a joint announcement from major economies—including the U.K., France, Germany, Italy, the Netherlands, and Japan—pledging coordinated efforts to stabilize supply and ensure safe transit through the Strait of Hormuz.
In a statement from the office of Keir Starmer, leaders condemned recent attacks attributed to Iran and called for an immediate halt to escalating actions. Meanwhile, U.S. Treasury Secretary Scott Bessent indicated that Washington could ease sanctions on Iranian oil shipments and potentially release crude from the Strategic Petroleum Reserve.
Earlier in the week, the Federal Reserve flagged increased uncertainty around economic growth and inflation, prompting traders to dial back expectations for near-term rate cuts. As a result, both crypto and traditional risk assets have become increasingly sensitive to movements in oil prices.
Despite the latest dip, uncertainty remains elevated due to ongoing geopolitical tensions in the Middle East. WTI continues to hover near key support around $92, well above pre-conflict levels. Analysts at Mott Capital Management noted that oil is holding an important technical support zone aligned with prior highs and short-term trends, suggesting prices could maintain an upward bias if that level holds. Options market positioning, they added, points to the potential for further upside.
Beyond energy markets, crypto traders are also keeping an eye on equities. The S&P 500 recently closed below its 200-day simple moving average for the first time since May last year—a signal of weakening momentum. A sustained rise in risk aversion across equities could spill over into crypto and broader financial markets.
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