On Sunday, Bitcoin fell almost 2% in just 15 minutes, while oil prices rose almost 20%, as the escalating conflict in the Middle East raised fears of severe supply shortages in the global energy market.
Data from decentralized derivatives platform Hyperliquid shows that oil prices rose from $95 to $113.7 a barrel shortly after U.S. futures markets opened after Iraq warned that production of about 3 million barrels a day could be disrupted due to Iranian threats against tankers in the Strait of Hormuz.
This is the highest oil price reached since April 2022, weeks after Russia began its invasion of Ukraine, TradingView data can be seen.
The price of oil surged more than 30% last week after the United States and Israel struck Iran, prompting the war-torn nation to strike back against several of its Middle Eastern neighbors.
Bitcoin (BTC) fell from $66,960 to $65,725 at 10:30 p.m. UTC on Sunday as U.S. futures markets opened, before rebounding to $66,272 at press time.
Hyperliquid data also shows that oil prices have fallen to $105 a barrel.
Bitcoin’s value surged last week during the Middle East conflict that killed Iranian Supreme Leader Ayatollah Khamenei, rising from below $64,000 to $73,770 by Wednesday.
But since then, Bitcoin’s price has fallen over the past four consecutive days.
Trump isn’t worried about oil prices
Despite the rise in oil prices, Trump expects the rapid augment in oil prices is short-lived:
“We thought oil prices were going to go up, and they do. They’re going to go down. They’re going to go down very quickly,” Trump told reporters on Saturday.
Related: Cryptocurrency outflows from Iran increased by 700% after US-Israeli airstrikes
Trump also downplayed the idea that the United States would have to tap into its strategic oil reserves, stating:
“We have a lot of oil. Our country has huge amounts of oil,” Trump said. “There’s a lot of pus there. It will heal very quickly.”
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