Geopolitical tensions have returned to financial markets, pushing oil prices higher. Bitcoin, however, remained steady during Asian trading hours, demonstrating resilience and continuing to outperform gold and equities—a trend that has persisted throughout August.
Oil prices climbed on both sides of the Atlantic after the United States attacked an Iranian island in the Strait of Hormuz, a major oil-tanker route that has faced disruption since the conflict began six months ago. Iran responded with retaliatory action.
Oil rises as markets react to Strait of Hormuz tensions
WTI crude futures jumped nearly 2% to $85.10, while Brent crude rose 1.9% to $92.39, according to TradingView. Gold fell 0.8% to $4,418 per ounce, and Nasdaq futures slipped 0.5% amid declines across Asian equity markets.
Bitcoin outperforms gold and stocks
Bitcoin traded near $77,580, remaining largely unchanged since midnight UTC, according to CoinDesk. $BTC’s price has risen 23% this month, compared with a 9% gain for gold and a 4% increase for the Nasdaq.
Other major cryptocurrencies traded slightly lower. Payments-focused $XRP ($XRP) declined 0.8%, while Solana (SOL) fell 0.6%.
Bitcoin’s continued outperformance may be linked to strong inflows into spot exchange-traded funds and expectations of aggressive Federal Reserve intervention following the Treasury’s bond buyback program.
