When the US military expands its strike campaign against Iran, the ripple effects move through every market that trades on risk sentiment, including crypto.
The latest round of strikes represents a continued escalation in a military campaign that has been running since late February 2026, with no obvious off-ramp in sight.
What happened and how we got here
The current US military campaign against Iran began with joint US-Israeli airstrikes on February 28, 2026, a significant moment that included high-profile Iranian casualties. On July 11, US Central Command executed strikes against approximately 140 Iranian targets in a single day. That brings the total number of strikes during this campaign to over 300.
The Strait of Hormuz is the core strategic concern here. Roughly one-fifth of the world’s oil supply passes through that narrow chokepoint, and Iranian provocations against commercial shipping in the region have been the stated trigger for each successive wave of US military action.
