Oil Price Surge Sparks Cryptocurrency Sell-Off Amid Geopolitical Tensions

Brent crude oil prices surged to their highest level since May 19, reaching $106.83 per barrel, following the destruction of five Iranian oil tankers by U.S. forces amid escalating tensions in the Persian Gulf.

The spike in oil prices was accompanied by hotter-than-expected inflation data and rising bond yields, which pushed up the odds of a Federal Reserve rate hike next week to 64%.

Cryptocurrency markets felt the impact, with Bitcoin falling 2.1% to around $77,120, while most of the largest tokens declined in value. However, Ether.fi's ETHFI token bucked the trend with a 14.2% jump due to a buyback-driven rally.