Key dealers
- The Bitcoin Prize fell when Iran’s parliament approved the closure of Hormuz’s Sund, which increased fear of oil supply shocks and global inflation.
- A prolonged closure of the strait can drive oil over $ 100 per barrel, which affects global GDP, inflation and crypto markets.
The price of Bitcoin fell from almost $ 103,000 to about $ 99,700 on Sunday morning after Iran’s parliament approved the closure of Hormuz’s Sund, one of the world’s most strategically important chokepoints for global trade and energy supply.
The parliamentary feature, first reported by Reuters, came hours after USA launched coordinated strikes In Iranian nuclear goals, Washington’s first open military intervention in the Iran – Israel conflict marks. President Donald Trump described the operation as “very successful” in a post about Truth Social on Saturday night.
Tehran’s threat to close Hormuzs Sund is interpreted as a direct response to escalating US military measures, but the closure is not yet in effect. The implementation of the action is now in the hands of Iran’s highest national security council and ultimately the highest leader Ayatollah Ali Khamenei.
Hormuz -handle’s sound About 20 million barrels of crude oil daily, 20% of global daily consumption and almost a third of seaborne oil trading represent.
As the only deep water channel that can cater for the world’s largest oil tank vessel, the strait is important for large economies including China, India, Japan and South Korea, with China that buys almost half of its raw imports through this route.
Analysts warn that a possible closure may Run oil prices over $ 100 per barrel, with potential nails to $ 120 or $ 150 if disturbances continue.
The impact would extend beyond energy costs and affect households’ fuel bills, industrial efforts and transport costs, as oil is the basis for production and delivery of about 95% of the global goods.
Economists estimate that the inflation effects of rising oil prices can reduce global GDP by 1-2% if the strait remains closed for a longer period. Central banks are facing a challenging decision between raising interest rates to control inflation or facilitating policy to support economic growth.
