President Trump received military briefings on airstrike options against Iran between May 19 and May 22, with negotiations over Tehran’s nuclear program and the reopening of the Strait of Hormuz at a dead end. For crypto markets, the timing matters: Bitcoin has been trading between roughly $65,000 and $80,000 during this stretch of heightened tension.
The Strait of Hormuz carries approximately 20% of global oil flow. A military escalation that disrupts that chokepoint wouldn’t just rattle energy markets. It would send shockwaves through every risk asset on the planet, crypto included.
What’s happening and why it stalled
The current standoff traces back to US-Israeli strikes on Iranian military targets that began in late February 2026 under an operation dubbed Epic Fury. A ceasefire was declared in April, temporarily pausing hostilities. But the diplomatic window that opened hasn’t produced results.
Trump has indicated he came close to ordering renewed strikes but pulled back after receiving counsel from Gulf allies. The message to Tehran is clear: the clock is ticking, and the deal-making window is shrinking.
