Brent crude trades around $103-$105 a barrel, and tensions around the Strait of Hormuz keep traders cautious. The US naval blockade of Iran remains in place, attacks on tankers are reported at their highest level since the conflict began in February, and Iran said this weekend that Washington’s response to its proposal to reopen the strait was insufficient. A deadly attack on Riyadh’s airport, with at least 12 killed, added to the unrest.
The link to bitcoin runs through inflation: higher oil lifts headline CPI, which strengthens the case for further Fed hikes, which pressures assets that pay no yield. The connection is not visible every day and can be overridden by crypto-specific news, but it has been a recurring theme as bitcoin slipped about 3% last week to $82,854.
A de-escalation could ease the pressure. Trump said on October 8 the US would not attack Iran before the November 3 election, but further disruption would likely keep oil, yields and crypto volatile.
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Sources:
- CryptoTicker: Bitcoin Price $82,991, the Oil Price Sets the Pace
- The Times of Israel: Liveblog, October 11, 2026
- Edaface: Crypto Market Faces Volatility Ahead of CPI, PPI and Warsh Speech
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