Iran Closes Strait of Hormuz After US Strikes, Oil Prices Surge

4 hour ago 2 sources negative

Key takeaways:

  • Rising oil prices and supply chain fears may accelerate Bitcoin's narrative as an inflation hedge, boosting demand.
  • Geopolitical instability could initially trigger risk-off selloffs in crypto, but long-term safe-haven flows may favor decentralized assets.
  • Energy market turmoil may increase scrutiny on Bitcoin mining's energy costs, potentially impacting hash rate and mining stock valuations.

Iran’s Khatam al-Anbiya Central Headquarters declared the Strait of Hormuz completely closed to all vessels, following a new wave of US airstrikes on Iranian targets. The move, announced on June 11, marks a sharp escalation in tensions and immediately jolted global energy markets, with Brent crude surging to $94.58 and WTI climbing to $91.74 on fears of supply disruptions.

The closure order was accompanied by a stern warning from the Revolutionary Guards: any ship attempting to transit the strait would be targeted. Iranian state media reported that Guards forces had already struck two vessels trying to pass, describing them as “illegally attempting” to use the waterway. Earlier, the US Central Command confirmed fresh self-defense strikes on June 10, hitting air defense systems, radar sites, and communications infrastructure. President Donald Trump later claimed the US controls the strait, not Iran, while vowing to “hit them hard again.”

Amid the military escalation, diplomatic efforts continued. A Qatari delegation arrived in Tehran to discuss an interim peace deal, while a White House official said negotiations were ongoing even as Washington increased military pressure. Iran also launched retaliatory strikes on US-linked sites in Bahrain, Kuwait, and Jordan, further widening the conflict.

Previously on the topic:
Jun 8, 2026, 10:00 p.m.
Iran Defies EU Sanctions, Accuses US of Ceasefire Breaches
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