Iran’s Revolutionary Guards fired on a US airbase in retaliation for American strikes, and the oil market responded exactly how you’d expect. Crude prices jumped more than 2% in intraday trading, with Brent rebounding nearly 2% toward the $98 per barrel mark.
The escalation didn’t stay contained to energy markets. Bitcoin fell sharply below $73,000 on May 28, 2026, triggering approximately $1 billion in liquidations across crypto markets.
The Strait of Hormuz problem
The Strait of Hormuz, the narrow waterway between Iran and Oman, handles roughly 20% of global oil transportation. Any disruption there doesn’t just affect Middle Eastern supply. It sends ripple effects through every barrel priced on the planet.
Crypto’s geopolitical stress test
