Oil Spikes Above $100 as Hormuz Blockade Triggers Risk-Off Sentiment in Crypto

Global energy markets experienced a sharp spike as Brent crude oil climbed above $100 per barrel. The price surge follows an order by U.S. President Donald Trump to implement a blockade at the Strait of Hormuz, significantly escalating tensions with Iran. The move has triggered a broad risk-off environment across financial markets. Historically, heightened conflict in this region has created an inverse correlation between oil prices and risk-sensitive assets, including U.S. equities and cryptocurrencies. Bitcoin (BTC) struggled to maintain its upward trajectory, failing to break through the key resistance level of $74,000. The digital asset recently traded around $70,600, remaining within a broad trading range of $63,000 to $75,000 that has persisted since early February. Ether (ETH) mirrored this decline, falling to $2,190 from a recent high of $2,320 recorded on April 11. The broader altcoin market has followed a similar downward trend as investors pivot away from volatile assets amid geopolitical uncertainty. Market analysts note that until the situation in the Strait of Hormuz stabilizes, the inverse relationship between the U.S. dollar, oil, and risk assets is likely to persist, capping the immediate upside for the crypto market.