Bitcoin retreated from its Asian-session peak as U.S. equity futures turned lower and geopolitical tensions intensified in the Middle East, with reports that Iran struck a key Saudi oil facility.
The cryptocurrency slipped back below $66,000 after briefly approaching $67,000 earlier in the session. At the same time, S&P 500 e-mini futures dropped 1.4% to 6,790, reversing an earlier climb to 6,857. Oil prices extended gains of more than 7% in both U.S. and European trading, reflecting escalating supply concerns.
Open-source intelligence accounts on X reported that Iran had expanded missile attacks targeting U.S. assets in Bahrain, Kuwait and the UAE. The widely followed War & Gore OSINT account also said Iran struck the Ras Tanura refinery operated by Saudi Aramco, the world’s largest oil producer.
Meanwhile, the BBC reported that Israel launched a fresh wave of airstrikes in Lebanon, targeting Hezbollah, Iran’s most prominent regional proxy.
According to Stephen Coltman, head of macro at 21Shares, Tehran’s strategy appears aimed at increasing the economic and political cost to Washington. By striking neighboring countries and threatening energy infrastructure — particularly shipments moving through the Strait of Hormuz — Iran may be seeking to disrupt global oil and LNG flows and amplify inflationary pressures.
“Wars are generally inflationary, driving up commodity prices and widening fiscal deficits,” Coltman said, noting that while markets initially sold off when hostilities began, prolonged conflict could eventually benefit perceived store-of-value assets such as bitcoin.
The latest round of fighting began Saturday after U.S. and Israeli forces carried out strikes described as preemptive measures to curb Iran’s missile capabilities and nuclear ambitions. Despite the mounting instability, bitcoin has yet to demonstrate clear safe-haven demand, trading instead in line with broader risk assets.
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