US warplanes struck Iran's Qeshm Island in mid-July 2026, hitting Islamic Revolutionary Guard Corps military installations near the critical Strait of Hormuz oil chokepoint. US Central Command confirmed the operation targeting IRGC assets threatening commercial shipping lanes.
Qeshm Island sits at the mouth of the Strait of Hormuz, a waterway handling roughly one-fifth of the world's seaborne oil. The island reportedly hosts an underground missile facility.
Bitcoin dipped to approximately $99,500 immediately after the news before recovering above $102,000. Separately, the US Treasury froze over $130 million in crypto assets tied to Iranian central bank wallets, focusing on stablecoins and Bitcoin.
Investors are now watching exchanges with potential exposure to sanctioned jurisdictions. The market is assessing whether it has priced the tail risks of sustained conflict near the vital oil transit corridor.