Oil Price Surge Stalls Bitcoin at $79K Amid US-Iran Conflict

A surge in oil prices due to US-Iran strikes has shaken global markets, causing Bitcoin's price to stall at $79,000. On Wednesday, Brent crude reached a two-month high after reports of U.S. strikes on Iranian tankers and retaliatory strikes by Iranian forces.

The US military said it destroyed five Iranian crude oil carriers on September 8, following IRGC attempts to target its warships. This escalation comes as the six-month-old conflict shows little sign of abating, with Tehran warning of a harsher retaliation to future Western actions.

As oil prices soared, European stock indices tumbled, with the DAX index down by more than 400 points. The surge in oil prices also saw the yield on the 2-year US Treasury note rise 2 basis points to 4.423%.