Iran’s army launched drone attacks on US military targets in the Persian Gulf region. Bitcoin dropped to roughly $99.5K in the immediate aftermath of the strikes before rebounding above $102K shortly after.
What happened and why it matters
The Iranian Islamic Revolutionary Guard Corps targeted US military sites in Bahrain and Kuwait on June 28, 2026. The strikes were a direct response to US airstrikes conducted near the Strait of Hormuz and other locations in the region.
The current conflict traces back to massive US-Israeli strikes on Iran on February 28, 2026, which resulted in the death of Iran’s Supreme Leader Ali Khamenei. Since then, Iran has waged a sustained retaliatory campaign targeting US facilities across the Gulf states.
The Strait of Hormuz is the narrow waterway through which roughly 20% of the world’s oil supply flows.
