President Trump declared on June 11 that the US would strike Iran “very hard” and hinted at seizing Kharg Island, the critical oil export terminal responsible for roughly 90% of Iran’s crude shipments. The announcement represents a dramatic escalation in a conflict that has been simmering since March, and it’s sending shockwaves through both traditional energy markets and the crypto sector.
Oil prices had already climbed nearly $2 on June 10 as traders priced in the growing probability of military action.
From ultimatums to airstrikes
Back in March 2026, Trump issued ultimatums threatening to “obliterate” Iranian energy infrastructure if Tehran didn’t reopen the Strait of Hormuz. That narrow waterway is the single most important chokepoint for global oil supply, with a significant share of the world’s crude passing through it daily.
Iran did not comply. What followed was a series of exchanges between the two nations that undermined an already fragile ceasefire. The ceasefire had been a linchpin for hopes that the Strait would reopen without a full-blown military confrontation.
