The fragile ceasefire between the United States and Iran didn’t just crack. It shattered. Between July 7 and 9, the US military struck roughly 80 to 90 targets across Iran, including over 60 Islamic Revolutionary Guard Corps boats, after Iranian forces attacked commercial vessels in the Strait of Hormuz. President Donald Trump declared the ceasefire “over,” and Bitcoin responded by sliding toward the $60,000 to $62,000 range.
From ceasefire to chaos in three months
The current US-Iran conflict traces back to February 28, 2026, when US-Israeli airstrikes killed Iranian Supreme Leader Ali Khamenei. A temporary ceasefire landed on April 8, giving markets a brief exhale. Then mid-June happened. Hostilities picked up again, leading to a memorandum of understanding on June 17 that was supposed to reset the diplomatic table. It didn’t hold either.
By late June and into early July, Iran began targeting commercial shipping in the Strait of Hormuz. Roughly 20% of the world’s petroleum passes through that narrow waterway. The US response was swift and broad. The strikes across July 7 to 9 hit IRGC infrastructure across multiple locations, making it the most significant direct US military action against Iranian targets in the conflict’s five-month arc.
