President Donald Trump threatened to hit Iran’s oil infrastructure with what he described as “very hard” strikes on June 11, sending tremors through global markets before abruptly reversing course hours later. The target he named was Kharg Island, a facility responsible for roughly 90% of Iran’s crude oil exports.
Then, in a move that’s become something of a signature, Trump announced he was canceling the planned military action. The reason: progress in negotiations. Markets exhaled, and Bitcoin climbed approximately 3% to around $63,400, clawing back from earlier losses tied to the initial saber-rattling.
The whiplash cycle
Earlier this year, similar military threats triggered Bitcoin fluctuations around the $77,000 mark. The fact that BTC is now trading in the low $60,000s tells its own story about the cumulative toll these cycles take on risk appetite.
Oil markets reacted in the opposite direction you might expect from a de-escalation. Prices dipped below $87 per barrel as the threat of supply disruption faded.
