Oil Prices Surge Amid US-Iran Conflict, But Bitcoin Holds Firm
Bitcoin remains locked in a tight battle around the $80,000 mark despite escalating tensions between the United States and Iran. The conflict, which flared up again on September 5 with U.S. strikes against Iranian oil tankers, has pushed international oil prices higher. West Texas Intermediate (WTI) rose approximately 1% to $92.72 per barrel, while Brent crude surged to $96.28 per barrel.
However, this time the market dynamics differ from earlier conflicts. Unlike when rising oil prices sent Bitcoin below $77,000, the current conflict has seen limited immediate selling pressure. According to Coinglass, Bitcoin futures open interest remained steady at $53.4 billion.
Analysts suggest that capital inflows into U.S. spot Bitcoin ETFs are absorbing geopolitical selling pressure. BlackRock's IBIT led the inflows, attracting $571.4 million over two days, with total net inflows amounting to $905.4 million on September 3 and 4.
The market is now shifting its attention to U.S. inflation data and the Federal Reserve's monetary policy direction. With August employment data coming in stronger than expected, the probability of a September rate hike has surged to approximately 59%. The economy added 162,000 jobs in August, far exceeding expectations.