Iran Threatens Oil Sales, Crude Prices Rise, Bitcoin Drops Below 66000

Iran warned that if it cannot sell its oil, no one in the region will either, causing crude prices to rise and Bitcoin to drop below 66000. The Strait of Hormuz, a critical oil shipping route, is at the center of this threat, with Iran shipping around 1.5 million barrels of oil daily, primarily to China. Iranian officials, including Foreign Minister Seyed Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf, emphasized that any aggression against Iran would provoke a strong response and that oil sales would be jeopardized if Iran's security is compromised. Following the warning, West Texas Intermediate (WTI) crude rose about 2.25% to near 89, while Brent traded close to 96. Bitcoin fell approximately 0.4% on the day, reflecting concerns that rising oil prices could lead to higher inflation and hinder interest rate cuts by the Federal Reserve. The situation remains fluid, with future developments dependent on Washington and the potential for ongoing conflict.