Israel’s air force struck military targets across western and central Iran on June 8, marking the first direct military engagement between the two nations since a ceasefire was established in April 2026. Bitcoin dropped below $64,000 in the immediate aftermath before recovering into a trading range between $63,000 and $68,000.
The strikes targeted military sites and the Mahshahr petrochemical complex, with explosions reported in Isfahan, Karaj, Tabriz, and Tehran. Iran’s Red Crescent reported 12 struck locations, with no casualties. Israel carried out the operation as direct retaliation for Iranian ballistic missile launches aimed at its territory.
A ceasefire that barely lasted two months
Tensions between Israel and Iran had been building since the Twelve-Day War in 2025, a conflict further complicated by confrontations involving Lebanese groups like Hezbollah. The ceasefire established in April 2026 was meant to freeze the cycle of retaliation. It lasted roughly two months.
President Trump inserted himself into the diplomatic aftermath, advocating restraint from both sides while pushing for a renewed ceasefire. Iran hinted at suspending its attack operations following the strikes, while both nations simultaneously warned each other against further provocations.
