Bitcoin fell below $62,000 as Trump ended the Iran deal, oil jumped on supply fears

Tensions between the United States and Iran escalated once again following U.S. President Donald Trump’s announcement that the agreement with Iran was now void. This declaration weakened expectations for a de-escalation in the Middle East and triggered sharp price swings across global markets.

Markets reacted swiftly

Following Trump’s statement, oil prices surged on renewed supply concerns, while Bitcoin slid below $62,000 as investors reduced exposure to riskier assets. The cryptocurrency had recently been trading above $64,000 but lost ground rapidly amid growing geopolitical uncertainty.

U.S. crude oil prices broke above $75 for the first time since June 22, after previously trading below $67.50. Prices had come under pressure on hopes that tensions in the region might ease, but Trump’s remarks reversed those expectations, prompting markets to reprice the risk of disrupted supply.

On the Bitcoin front, technical factors are being closely watched. Should the daily close stay below $62,000, the possibility of a retreat toward $60,000 gains traction. Recent price movements highlight investor caution in the face of rising geopolitical risks.

Claims of expanding conflict emerge

Iran’s Islamic Revolutionary Guard Corps claimed to have targeted U.S. military assets in response to American attacks, naming sites in Bahrain and Kuwait as having come under fire. According to Iranian sources, a U.S. air base in Bahrain that hosts American forces was also struck.

Mini glossary: The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Gulf of Oman. Since a significant share of global oil shipments pass through this route, any military tension in the region can have a direct impact on energy prices.

Previously, the U.S. launched strikes during the ongoing hostilities and reinstated sanctions on Iran’s oil exports. The U.S. administration said these steps were in response to attacks on vessels near the Strait of Hormuz. The strategic route remains central to market concerns due to its critical role in global energy transport.

Trump ruled out renewed talks with Tehran

Trump made his statement during the NATO summit in Ankara, expressing his unwillingness to start a new peace process after previous negotiations with Tehran proved unsuccessful. This stance further clouded the outlook for a diplomatic solution.

Divergence in the markets was notable: oil moved higher on concerns over supply security, while demand for Bitcoin faded as risk appetite waned. Looking ahead, further military developments and official statements from Washington and Tehran are expected to be key factors shaping market sentiment.

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