Iran Turns to Cryptos as US-Iran Conflict Drives Oil Prices Above $100

The escalating conflict between the United States and Iran has led to a significant increase in oil prices. Brent crude has surpassed $100 per barrel for the first time since July, highlighting the impact of geopolitical tensions on global energy markets.

The Strait of Hormuz is at the center of the crisis, as it is one of the world's most important energy chokepoints, carrying about a fifth of global oil and gas supplies. The recent fighting has sharply reduced maritime traffic, with only six commodity vessels passing through the strait on Tuesday compared to a 10-day average of 12.

Iran's central bank has eased foreign-exchange controls, allowing exporters greater flexibility to settle transactions using cryptocurrencies such as Tether's USDT and Bitcoin. This move is seen as an attempt by Iran to bypass financial restrictions imposed by the United States.