In a surprising turn of events, financial markets have defied the dire predictions circling social media. Just a day after fears of an oil price surge due to a U.S. airstrike on Iran’s nuclear sites gripped the online world, those concerns have largely fizzled. On June 23, 2025, oil prices, which initially leaped following the news, have since retreated. Meanwhile, Bitcoin has regained its footing above $101,000, shaking off its recent dip below $98,000. This resilience is further explored in Bitcoin Price Holds Steady Amid Iran Conflict Fears.
Oil’s Tepid Response
Despite the initial jolt, Brent crude oil settled at $77 per barrel, marking a modest 1.4% gain on the day. This comes after it momentarily touched a five-month peak of $77.79. West Texas Intermediate (WTI) followed a similar trajectory, peaking at $78.58 before easing back to $76.75. The market’s subdued reaction suggests a lack of conviction in Iran’s threat to close the Strait of Hormuz, a crucial passage through which over 80% of oil flows head to Asia.
Analysts at ING echoed this sentiment, stating, “Price action this morning suggests that the market doesn’t believe (at least not yet) that flows through Hormuz will be blocked.” With significant implications for China and other Asian nations, Iran’s strategic bluster appears more rhetorical than actionable.
Energy market expert Anas Alhajji offered further perspective, pointing out on X (formerly Twitter) that Iran has brandished this threat multiple times since the 1980s without following through. Alhajji noted, “To close the Strait, Iran would need to occupy Oman’s waters, prompting a broader conflict under the GCC defense pact.” Such a move could backfire, harming Iran’s allies more than its adversaries.
Bitcoin’s Resilience
In contrast to the oil market’s lukewarm reaction, Bitcoin has shown remarkable resilience. After dipping below $98,000 amid the initial oil price concerns, it has bounced back above $101,000. This recovery underscores Bitcoin’s enduring appeal as a hedge against traditional market upheavals. For more insights, see Bitcoin Remains Defiant Amid Escalating Middle East Conflict and Trade War Fears.
The technical picture for Bitcoin remains robust, with the cryptocurrency holding steady above key support at $100,430. Buyers have repeatedly stepped in at this level, driving prices higher. The muted oil response suggests Bitcoin and other risk assets may sidestep a sell-off, assuming oil prices don’t spiral upwards.
However, should Bitcoin’s support falter, eyes will turn to the confluence of its 100- and 200-day simple moving averages, currently hovering around $95,900. A breach here could signal a shift in market sentiment, with potential implications for Bitcoin’s trajectory.
Historical Context and Future Implications
The financial world’s reaction—or lack thereof—to the latest geopolitical tensions harks back to previous instances where markets braced for impact only to find their footing. This time, the specter of stagflation, a dreaded economic scenario of stagnant growth and rising inflation, loomed large. Yet, the anticipated oil shock did not materialize, offering a reprieve to risk assets.
Looking ahead, the question remains whether Iran will escalate its rhetoric to action. For now, markets appear to be betting against it. The cautious optimism in the oil market may persist, barring any dramatic developments. Meanwhile, Bitcoin’s ability to weather these storms continues to bolster its status as digital gold.
As the week unfolds, traders and analysts alike will watch closely for any shifts in the geopolitical landscape. For now, the financial world seems content to keep calm and carry on, at least until the next tweet or headline sends ripples through the markets.
Source
This article is based on: Bitcoin Holds Key Support; Oil Disappoints ‘Doomers’ as Brent and WTI Erase Early Price Gains
Further Reading
Deepen your understanding with these related articles:
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- Strategy adds $1B in Bitcoin as Israel-Iran conflict pressures markets
- XRP Leads Crypto Majors Gains as Bitcoin Is Continuously Tested by Israel-Iran Tensions
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
