Digital Oil Memecoin Rockets 400% Amid Iran’s Consideration to Close Strait of Hormuz

Digital Oil Memecoin Rockets 400% as Iran Considers Closing Strait of Hormuz

The digital oil memecoin (OIL) surged over 400% amid rising geopolitical tensions in the Middle East.

Iranian lawmakers have expressed strong support for closing the Strait of Hormuz, a critical passageway responsible for about 20% of the world’s oil shipments. Although Iran’s Parliament reached a unanimous consensus, the final call lies with the Supreme National Security Council, according to Tehran correspondent Saeed Azimi.

The potential shutdown of this key maritime route has shaken global markets, with crude prices expected to spike sharply. Analysts warn that a closure could push oil prices into triple digits and exacerbate stagflation risks for major oil-importing economies like the U.S.

Against this volatile backdrop, the digital oil memecoin (OIL), traded on Solana’s decentralized exchange Raydium, experienced a dramatic price rally. Data from DEXTools.io highlights the token’s sharp appreciation against the U.S. dollar.

The memecoin gained early momentum after crypto skeptic Peter Schiff publicly endorsed the idea of a digital oil asset, sparking widespread interest.

A recent tweet from a memecoin-associated account humorously stated, “Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by Peter Schiff himself? COULDN’T BE ME…. $OIL.”