Brent crude jumped over 4% to above $97 per barrel on June 8, 2026, peaking at $98.08, after military exchanges between Iran and Israel rattled global markets. Bitcoin slid to approximately $62,900, erasing its weekend gains in a risk-off move that dragged Ethereum and XRP down with it.
The Iran-Israel military exchange on June 7-8 triggered immediate concerns about oil supply disruptions in the Middle East. The spike eased after Iran signaled a cessation of operations. US President Donald Trump urged Israel to exercise restraint.
Bitcoin's drop came as institutional and retail investors dumped risk assets. Hyperliquid, the decentralized exchange, saw 5%-plus price movements in oil-linked perpetual contracts during the weekend when traditional commodity markets were closed. Decentralized platforms filled the gap in real time.
Since 2025, cycles of conflict involving Israel, Iran, and the US have repeatedly correlated with volatility in both oil and crypto markets. Direct energy cost spikes from higher oil prices have limited impact on most crypto operations, though Bitcoin miners using fossil fuel-powered electricity feel the pinch. The bigger transmission mechanism is sentiment.