Oil surges above $86 as U. S. ‑Iran strikes escalate, Bitcoin and global markets slide
Oil prices climbed sharply while cryptocurrencies and equities retreated after the United States carried out a sixth consecutive night of strikes on Iran on 16th July, widening its campaign to include military infrastructure near the Strait of Hormuz.
18th July 2026 – (New York) Oil prices climbed sharply while cryptocurrencies and equities retreated after the United States carried out a sixth consecutive night of strikes on Iran on 16th July, widening its campaign to include military infrastructure near the Strait of Hormuz. U. S. Central Command said the latest operation targeted Iranian air defence systems, coastal radar and surveillance installations, logistics facilities and maritime assets, with additional strikes reported around Bandar Abbas and Qeshm Island, both of which overlook the strategic waterway. Tehran responded with further missile and drone attacks on American military positions across the region, including what Iranian officials described as their first direct strike on U. S> forces in Syria, signalling a further escalation in hostilities. The intensifying conflict has heightened fears of disruption to shipping through the Strait of Hormuz, a crucial corridor for roughly a fifth of the world’s oil supply. Vessel movements have already slowed amid tighter U. S. naval restrictions near Iranian ports, fuelling concerns over potential supply constraints. Brent crude rose above 86 US dollars a barrel and West Texas Intermediate climbed past 81 dollars, placing both benchmarks on course for weekly gains exceeding 13 per cent as traders factored in a rising geopolitical risk premium. Broader financial markets adopted a defensive stance. Bitcoin slipped more than 2 per cent to about 63,200 dollars, while Ethereum dropped roughly 3. 5 per cent to around 1,820 dollars. Other major digital assets, including Solana and XRP, also declined amid widespread selling. US equities weakened, with the Nasdaq Composite falling around 1. 5 per cent, the S&P 500 down 0. 87 per cent and the Dow Jones Industrial Average edging 0. 21 per cent lower as investors trimmed exposure to risk assets. Precious metals were not spared, with gold easing approximately 0. 5 per cent to near 3,970 dollars an ounce and silver sliding more than 1. 5 per cent to about 55 dollars.