Oil Hits $100 as Iran Tensions Escalate — Why Bitcoin and Altcoins Are Falling

Bitcoin and the wider crypto market moved sharply lower on Thursday as escalating tensions between the United States and Iran pushed oil above $100 per barrel. The renewed geopolitical uncertainty erased part of this week’s crypto recovery and returned inflation and interest-rate concerns to the center of the market.Bitcoin fell below $65,000 after recently approaching $67,000. Ethereum slipped under $1,900, while XRP, Solana, Dogecoin and Cardano recorded even larger daily losses.The immediate question is whether this is a temporary reaction to breaking news or the beginning of another significant crypto correction.Why Did Oil Rise Above $100?Brent crude jumped approximately 7% to more than $100 per barrel, reaching its highest level in nearly two months. West Texas Intermediate also moved above $90.The surge followed attacks by Iran-aligned Houthi forces on two Saudi oil tankers in the Red Sea. The group also threatened to disrupt Saudi oil shipments through the Bab el-Mandeb Strait, one of the world’s most important maritime trade routes.These attacks are particularly concerning because shipping through the Strait of Hormuz has already been severely disrupted. If both the Strait...