Bitcoin Slips Nearly 1% as US-Iran Tensions Drive Oil Prices Higher

Bitcoin dipped close to 1%, trading near $79,700, as rising crude oil prices followed a weekend of escalating military tension between the United States and Iran. U.S. Central Command confirmed strikes on three Iranian oil tankers near Kharg Island, Jask, and the Gulf of Oman, with a senior naval official warning that any attack on U.S. vessels would trigger a heavier response against Iranian ships.

The Command also reported that American forces have redirected 92 merchant ships and disabled or boarded several others since maritime enforcement resumed in mid-July.

Oil Gains Add Pressure on Markets

Crude prices rose roughly 1% across major markets, with WTI trading above $92 a barrel, extending a recovery of more than 6% so far this month from July lows near $70. Higher oil costs tend to fuel inflation concerns, complicating rate-cut plans for central banks including the Federal Reserve, which weighs on broader financial markets, including bitcoin.

Fed Uncertainty Adds to the Mix

A stronger than expected August jobs report raised expectations of a possible Fed rate hike, prompting President Trump to publicly push for lower rates instead. Bitcoin’s movement over the weekend also coincided with a separate $320 million exploit on the Liquid Network, a settlement layer used by exchanges, adding to a mixed backdrop for crypto markets.