Bitcoin, Oil, and US Stock Futures React as US-Iran Resume Strikes

It was another eventful weekend in which the two warring parties exchanged contrasting and confusing statements on what is happening with their ceasefire, whether any peace talks are scheduled, and what’s next.

Perhaps the most worrisome part came just hours ago when both nations resumed the strikes against each other.

Strikes Resumed

At first, US President Donald Trump announced on his social media platform that the US Navy Guided Missile Destroyer USS Spruance intercepted a 900-feet-long Iranian-flagged cargo ship called Touska, and “gave them a fair warning to stop.” However, Touska’s crew “refused to listen,” and the US destroyer “stopped them right in their tracks by blowing a hole in the engine room.”

He added that US Marines have custody of the vessel, and it’s under US Treasury Sanctions because of “their prior history of illegal activity.”

Shortly after, Iran responded that it had attacked US military ships with drones to retaliate for the initial strikes and the seizure of the cargo vessel.

These attacks were the cherry on top of an eventful weekend. After Friday’s reopening of the Strait of Hormuz, Iran decided to close it again hours later as the US didn’t move its naval blockade. Then, the US said both parties would resume the peace talks on Monday, but Iran denied any such plans.

Previously, Iran also refuted all of Trump’s statements made on Friday, including agreeing to give up its uranium enrichment program.

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Markets React

Since crypto is the only financial market operating 24/7, it felt some volatility over the weekend, mostly heading south. Bitcoin had soared to $78,400 on Friday but was quickly halted there and dipped below $74,000 after the attacks resumed.

US stock market futures opened lower during the night, with losses of around 1%. In contrast, WTI Crude and Brent Oil exploded by over 8%. USOIL also soared by roughly $10, going from its local low of $79 to $89.

More volatility is expected in the coming days as the ceasefire officially expires. The attacks from last night only worsened the situation, and there are no evident talks in place.

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