Bitcoin Holds Near $79K as US-Iran Military Actions Push Oil Prices Higher

Bitcoin’s price remained around $79,000 on Thursday after a brief rally, as fresh US‑Iran military actions lifted oil prices to two‑month highs.

Oil Market Surge

Brent crude broke the $100 per barrel mark for the first time since early July, and West Texas Intermediate (WTI) rose above $95 per barrel. Since August 30, Brent has gained more than 10%.

US Military Strikes on Iranian Tankers

U.S. Central Command reported that on September 8 it destroyed five Iranian oil carriers after the Islamic Revolutionary Guard Corps fired ballistic missiles at a U.S. Navy warship. Three additional Iranian carriers were destroyed three days earlier.

Following the strikes, reports indicated that three oil tankers near Dubai, Kuwait and Qatar were hit by suspected Iranian drones.

Impact on Financial Markets

The oil price jump sent European equities lower, with Germany’s DAX falling over 400 points (about 1.6%). The yield on the 2‑year U.S. Treasury note rose 2 basis points to 4.423%.

Bitcoin’s Reaction

After touching a session high of $79,742, Bitcoin slipped below $78,800 before rebounding to just above $79,300 by mid‑morning. The cryptocurrency had previously recovered from a low of $77,603 and was eyeing the $80,000 level.

Analyst View

Marc Ostwald, chief economist at ADM Investor Services, warned that higher energy prices add inflationary pressure and could dampen growth, creating a more complex environment for rates and foreign‑exchange markets.

With diplomatic channels stalled, the ongoing conflict poses continued volatility risk for risk‑on assets such as Bitcoin.