Oil prices soar past $100, U.S. stocks hit new lows for the year, Bitcoin holds steady at 70k

Due to the ongoing war in Iran, concerns about disruptions in oil supply have led to further increases in oil prices and pressure on the stock market. The three major U.S. stock indices all hit their lowest closing levels since 2026. The global bond market has erased its gains for the year, the dollar reached a nearly two-month high, and gold prices declined. The crypto market remains relatively stable, with Bitcoin (BTC) holding steady at $70,000 and Ethereum (ETH) trading at $2,080 as of press time.

Brent crude oil surged over 9%, closing above $100

As the war enters its 13th day, U.S. President Trump and Iran’s new Supreme Leader have both made provocative statements. Despite the U.S. implementing new measures to curb oil prices, the energy market has seen little relief.

Iran’s new Supreme Leader Mojtaba Khamenei took office on March 9, stating that the Strait of Hormuz should remain closed as a “tool to pressure the enemy.” Following this news, crude oil prices continued to rise. U.S. West Texas Intermediate (WTI) futures increased, and Brent crude oil prices rose over 9%, marking the first time since August 2022 that prices closed above $100.

(Iran’s new Supreme Leader publicly states: “Strait of Hormuz blockade will continue to exert pressure,” threatening attacks on U.S. military bases)

According to CNBC, U.S. Energy Secretary Chris Wirth said the U.S. Navy is “not yet ready” to escort tankers through the Strait of Hormuz, but expects to be able to do so by the end of the month. As Middle East conflicts escalate, traffic through the strait has essentially come to a halt.

Official reports indicate that three foreign ships in the Persian Gulf have been attacked again.

Goldman Sachs warns that if oil flows through the Strait of Hormuz remain low into March, oil prices could surpass the peaks seen in 2008. That year, Brent crude hit a high of $147.50 per barrel. The International Energy Agency states that the Iran war is causing unprecedented turmoil in the oil market, affecting 7.5% of global oil supply and broader oil exports.

Crypto market remains relatively stable, Bitcoin holds steady at $70,000

After two oil tankers were attacked in Iraqi waters, cryptocurrencies initially dropped 2%, then stabilized around $70,000.

Since the U.S. and Israel launched airstrikes against Iran on February 28, Bitcoin has maintained relative stability compared to other assets. Concerns over rising energy prices prompted traders to flock to the dollar. Bitcoin also served as a hedge, as traders sought liquid assets that could be quickly bought or sold based on market conditions.

Overall crypto market cap increased slightly by 0.21% over the past 24 hours, with market sentiment slightly improving. The Fear & Greed Index rose to 28, and the average Crypto Strength Relative Strength Index (RSI) increased to 53.91.

This article: Oil prices break $100, U.S. stocks hit new lows for the year, Bitcoin remains steady at $70,000 was first published on Chain News ABMedia.