U.S.-Iran conflict and oil spike drag Bitcoin, Ethereum prices lower

BTC slips to $70k as oil spikes to $106. Iran conflict weighs on risk. Fed likely holds this week.

Bitcoin (BTC) and Ethereum (ETH) stayed under pressure. BTC briefly touched $70,000 over the weekend, as geopolitical risk surged and energy markets jumped (Bitcoinist).

Tensions rose. Attacks hit the U.S. embassy in Iraq as the Iran war entered week three, the embassy blaming Iran‑aligned militias (Fortune).

The U.S. struck Iran’s Kharg Island oil terminal. BTC and ETH fell after the strikes amid fears of higher oil (Bitcoinist).

Brent futures hit $106 today (TradingView). The Strait of Hormuz remains effectively closed, threatening a supply shock on a route that carries about 20% of global oil (Bitcoinist).

Flows risk grows. XWIN Research warned of significant BTC outflows if Hormuz stays shut, pressuring broader crypto (Bitcoinist). U.S. Energy Secretary Chris Wright said there’s no guarantee oil prices fall in coming weeks (ABC ‘This Week’).

Macro headwind holds. Markets see the Fed sticking with current rates at this week’s FOMC, with rising oil risking a longer delay to cuts (Bitcoinist).

A relief rally is possible. Veteran trader Peter Brandt shared a chart pointing to a potential move toward $88,000 for BTC (X) (NewsBTC). But some analysts still frame this as a bear‑market phase. Julio Moreno warned that relief rallies can fade (X), and Benjamin Cowen noted BTC’s pattern of quick drops, brief uptrends, then lower lows (X).