The Islamic Revolutionary Guard Corps Navy has stopped at least two ships and kept the Strait of Hormuz sealed shut over the past 24 hours, escalating a standoff that has been simmering since late February. The closure of the narrow waterway that handles roughly 20% of the world’s oil trade isn’t just an energy market story. It’s a crypto story too.
Bitcoin dipped into the $61,688 to $64,000 range during the latest round of tensions before stabilizing around $64,000.
What’s actually happening in the strait
The current crisis traces back to February 28, 2026, when the US-Israel-Iran conflict pushed the region into a new phase of hostility. Since then, Iran has been running an increasingly aggressive enforcement operation in the strait, including mine-laying, boarding vessels, and now outright closures.
The latest flashpoint came on July 11, when the IRGC stopped the Cypriot container ship GFS Galaxy for allegedly taking an unauthorized route through the waterway. Iran’s response was blunt: the strait would remain closed “until further notice,” or until the United States stops what Tehran calls acts of aggression.
