Iran’s Islamic Revolutionary Guard Corps launched a coordinated assault on US military bases in Jordan, Bahrain, and Kuwait on June 10. The IRGC fired missiles and drones at key installations, including Al-Azraq in Jordan and Ali Al-Salem in Kuwait.
This marks one of the most direct confrontations between Tehran and Washington in decades. The multi-country scope signals Tehran’s willingness to broaden its retaliation beyond a single target.
The attacks were framed by Iran as immediate retribution for President Trump’s orders to strike Iranian air defense systems and surveillance installations near the Strait of Hormuz. This waterway is a critical global artery, handling roughly 20% of the world’s oil supply.
Geopolitical tensions are already impacting financial markets. Bitcoin previously dropped below $64,000 during earlier escalation events this year before rebounding above $100,000. The volatility highlights crypto markets' sensitivity to regional conflict headlines.
Regulatory risks remain high. US authorities have frozen hundreds of millions in Bitcoin linked to Iranian entities, with total sanctioned holdings estimated at $7.7 billion. Escalation increases the likelihood of further seizures, potentially removing liquidity from markets precisely when traders need stability. Compliance burdens on exchanges have also intensified, leading to tighter screening and slower processing times.