The United States and Iran have avoided direct military action for a third consecutive night, sending oil prices down nearly 5% to around $92.02 per barrel. At its peak, the conflict had driven crude above $118 per barrel, representing a cumulative gain of roughly 30% since hostilities escalated on February 28, 2026. Tensions trace back to late February when US and Israeli strikes on Iranian targets triggered retaliation, including attacks on tankers and other maritime targets in the Strait of Hormuz, a key transit route for nearly 20% of global oil supply. Bitcoin, which had slipped below $73K during the sharpest escalations, recovered toward $72K as ceasefire signals emerged.
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