Iran’s Islamic Revolutionary Guard Corps launched drone and missile strikes against US military installations in Bahrain and Kuwait in the early hours of June 28, targeting eight sites in a direct response to American airstrikes on Iranian coastal facilities. The attacks, carried out between 2 and 3 a.m. local time, mark a significant escalation in the ongoing US-Iran conflict.
Bitcoin dropped to approximately $99.5K as the news broke before recovering above $102K.
What happened and why it matters
The IRGC’s strikes were retaliation for US airstrikes that had targeted Iranian positions along the coast. Those American strikes, in turn, were a response to Iranian drone attacks on commercial vessels transiting the Strait of Hormuz, including a Panama-flagged tanker.
The Strait of Hormuz is the world’s most important oil chokepoint, with roughly a fifth of global petroleum supply passing through its narrow waters.
