- Oil prices surged nearly 20% to over $113 per barrel on Sunday, hitting their highest level since April 2022, as Middle East tensions threatened global supply.
- Bitcoin fell nearly 2% in a swift 15-minute drop as US futures markets opened, briefly dipping below $66,000 before a partial recovery.
- Former President Donald Trump stated he is not concerned about the spike, predicting oil prices will “come down very fast” and that the US has ample supply.
Oil prices skyrocketed and Bitcoin tumbled on Sunday evening as escalating conflict in the Middle East sparked fears of a major energy supply disruption. Data from the decentralized platform Hyperliquid shows oil surged from $95 to $113.7 per barrel shortly after US futures markets opened.
This spike followed an Iraqi warning that 3 million barrels per day of production could be at risk due to Iranian threats. Consequently, the price of oil has risen more than 30% in the past week after reciprocal strikes between the US, Israel, and Iran.
Meanwhile, Bitcoin (BTC) fell from $66,960 to $65,725 within 15 minutes during the same market open. The cryptocurrency later bounced back to $66,272, while oil prices cooled to $105 per barrel.
This marks a reversal from last week, when Bitcoin climbed from below $64,000 to over $73,770 during the initial phase of the conflict. However, its price has declined over the last four consecutive days.
Despite the volatility, former President Donald Trump expects the rapid rise in oil prices to be short-lived. “We figured oil prices would go up, which they will. They’ll also come down. They’ll come down very fast,” he told reporters on Saturday.
Trump also dismissed the need to tap the US Strategic Petroleum Reserve. He stated, “We’ve got a lot of oil. Our country has a tremendous amount.”
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
