Iran launched missile and drone strikes against targets in Kuwait and Bahrain on June 3, hitting sites including Kuwait International Airport and killing one Indian citizen while injuring at least 63 people. The attacks unfolded on the same day former President Donald Trump remarked that the US-Iran ceasefire was leading to “more moderate shooting,” a comment that aged about as well as you’d expect.
The crypto market’s response was immediate and brutal. Over $700 million in leveraged long positions were liquidated within 12 hours of the strikes, dragging the total cryptocurrency market cap down to $2.31 trillion. Meanwhile, Brent crude climbed 1.6% to $97.51 per barrel as traders priced in the possibility that Middle Eastern oil exports could face serious disruption.
What happened on the ground
The Iranian strikes targeted US-linked sites across Kuwait and Bahrain as part of what appeared to be a broader retaliatory action against American military presence in the region. Kuwait International Airport sustained significant damage, though most of the Iranian projectiles were intercepted by US, Bahraini, or Kuwaiti defense systems before reaching their targets.
A ceasefire between the US and Iran had been in place since April 7, roughly two months before the attacks.
