Oil surges on Middle East tensions… Bitcoin falls 2% in 15 minutes

As military clashes in the Middle East intensified and international oil prices spiked, Bitcoin (BTC) saw a sharp short-term drop.

According to Hyperliquid data cited by Cointelegraph on the 8th (local time), oil jumped from $95 a barrel to as high as $113.7 shortly after the U.S. futures market opened. That is the highest level since April 2022.

The Iraqi government warned that if Iran threatens oil tankers in the Strait of Hormuz, crude production of about 3 million barrels per day could be disrupted. Analysts say volatility in energy markets has increased as concerns over global crude supply have grown.

At the same time, Bitcoin fell about 2% in roughly 15 minutes, from $66,960 to $65,725. It later pared some of the losses and was trading around $66,280 as of the time of reporting.

Oil, however, has given back some of its gains after the spike and has now slipped to around $105 a barrel.

Previously, Bitcoin had risen last week even as Middle East tensions escalated. At the time, following reports of the death of Iran’s Supreme Leader Ayatollah Ali Khamenei, BTC climbed from below $64,000 to $73,770.

But as market uncertainty persisted, Bitcoin has been on a declining trend for four consecutive sessions.

Meanwhile, U.S. President Donald Trump said the oil price rise would be short-lived. In an interview with reporters, he said, “It was expected that oil prices would rise, and they will soon fall quickly again.”

On the need to release oil from the Strategic Petroleum Reserve (SPR), he added, “The United States has a great deal of oil,” and “Supply issues will be resolved quickly.”