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Digital currencies fell broadly on Thursday after oil prices surged to levels not seen in four years, amid emerging reports of possible U.S. military engagement with Iran.
Brent crude rose 7.1% to $126.41 per barrel following an Axios report that President Donald Trump would receive briefings on updated U.S. military strategies concerning Iran. Additional reports said U.S. Central Command requested the deployment of hypersonic missile systems to the Middle East.
Axios also reported that Trump rejected Iran’s proposal to open the Strait of Hormuz, and that the U.S. has prepared a plan for a “short and powerful” wave of strikes on Iran. The report said details include keeping Iran under a naval blockade until it agrees to a further arrangement.
The Strait of Hormuz has been essentially blocked since hostilities began in late February, restricting the transport of crude oil, natural gas, and oil products through a key global shipping corridor.
Brent crude has gained more than 100% year-to-date and is on a nine-consecutive-day advance, its longest winning streak since May 2022.
Bitcoin fell 2.1% to $75,633 during Asian market sessions. It is down 3% for the week and remains about $50,000 below its record high of $126,000 set in October 2025.
In April, Bitcoin traded in a $74,000 to $78,000 range, even as oil prices climbed from $98 to $126 per barrel.
Ether declined 3.4% to $2,244, down 4.4% for the week. XRP fell 2.1% to $1.37, Solana dropped 2.6% to $82.62, and BNB decreased 1.9% to $615.
Dogecoin was the only top-10 cryptocurrency excluding stablecoins to post gains, rising 3.8% on the day and 10.1% for the week to $0.10.
Fernando Lillo, director at cryptocurrency exchange Zoomex, said Bitcoin’s ability to move above $80,000 depends on reducing war-related market premiums. He added that Brent crude would need to fall below $100 per barrel, citing a direct correlation between the two assets.
Lillo also described a scenario in which the Trump administration could ease the Iran blockade in response to constructive Iranian actions, which he said could support a move in Bitcoin toward $85,000.
U.S. equity futures were mixed on Thursday. S&P 500 futures rose 0.2%, Nasdaq 100 futures fell 0.2%, and Dow futures dropped 0.6%.
Meta shares fell nearly 6% after lower-than-expected capital expenditure guidance and modest user growth. Microsoft was relatively unchanged despite beating revenue and earnings expectations.
Alphabet climbed 6% on strong revenue and Google Cloud expansion, while Amazon advanced 4% supported by cloud computing metrics. Apple is scheduled to report earnings after the market close on Thursday.
The Federal Reserve kept interest rates unchanged in the 3.5% to 3.75% target range. Fed Chair Jerome Powell said he intends to continue beyond his current term, pointing to ongoing legal challenges facing the central bank.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
