US-Iran Conflict Drives Up Oil Prices, Bitcoin Under Pressure

The conflict between the US and Iran has escalated with the death of two US soldiers and one missing in Jordan. As mutual attacks spread to Gulf countries and energy infrastructure, oil prices have surged to their highest level in a month. The US Central Command announced that two soldiers were killed in an attack on American personnel in Jordan on July 17. The number of US soldiers killed in the conflict, which began at the end of February, has risen to 16. Following the attack, the US military targeted bridges and energy facilities in Iran. Iranian sources reported explosions around Qeshm Island on the morning of July 19. Iran has intensified its attacks on targets in Kuwait, Bahrain, Qatar, and Jordan, which host US forces. Oil facilities in Kuwait were damaged. Concerns over energy supply have driven oil prices higher; September futures for Brent crude rose by 4.6% to $88.1 per barrel. The escalation of the conflict has increased the tendency to flee from risk in Bitcoin and other cryptocurrencies. As investors turn to less risky assets, concerns that high energy prices could increase inflation have intensified selling pressure in the crypto market. Gold continues to be under pressure due to rising bond yields and a strengthening dollar, despite geopolitical tensions. The sustained high oil prices are contributing to ongoing pressure on Bitcoin, cryptocurrencies, and gold through inflation and interest rate expectations.

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