The US military struck over 80 Iranian targets on July 7, including air defenses, radar installations, anti-ship missile sites, and small boats operated by the Islamic Revolutionary Guard Corps. The strikes were a direct response to Iranian attacks on commercial vessels transiting the Strait of Hormuz, the narrow waterway that handles roughly 20% of the world’s oil and gas shipments.
Central Command, or CENTCOM, confirmed the operation targeted IRGC assets after Iranian forces attacked at least three commercial vessels, including the Qatari LNG carrier Al Rekayyat and the Saudi tanker Wedyan. The US also revoked Iran’s oil export license and reinstated heavy sanctions on Iranian crude, effectively slamming the door shut on Tehran’s ability to sell oil through legitimate channels.
Oil spikes, Bitcoin stumbles
Oil prices jumped more than 3% in the immediate aftermath. Bitcoin experienced wild swings of roughly $2,800 on the day of the strikes, and the broader crypto market cap shed approximately $58 billion. Liquidations across the crypto market exceeded $350 million as leveraged traders got caught on the wrong side of the volatility.
Iran’s crypto workaround
