Oil Tops $100 as Trump Warns Iran; Bitcoin Slides

Crude oil rose above $100 a barrel while Bitcoin fell about 2% after US President Donald Trump delivered a national address on the conflict with Iran, saying the US would strike Iran “extremely hard” in the coming weeks. Speaking from the White House, Trump said the US military is “very close” to finishing “Operation Epic Fury,” and that it has degraded Iran’s nuclear and naval capabilities and damaged drones, missiles and weapons factories. He added the US is “on track to complete all of America’s military objectives shortly” and warned of heavy action over the next two to three weeks. Markets have moved with developments in the Middle East in recent months, affecting stocks, crude and cryptocurrencies. Oil had eased earlier after Trump suggested the war might wind down, but his latest remarks pushed prices higher. At the time of writing, Brent crude had climbed to about $103.59 per barrel. Bitcoin traded near $66,904, down roughly 2% since the address began. Trump also said negotiations are ongoing. The US has demanded that Iran dismantle its nuclear programs, reopen commercial shipping channels and stop supporting regional proxy groups, while Iran seeks a permanent end to the war, compensation for damages and the removal of US forces from the region. Trump described the negotiating team as “less radical and much more reasonable,” but warned that if no deal is reached the US has its eyes on “key targets.” The conflict escalated in February after US and Israeli strikes on Iran, prompting Iran to blockade the Strait of Hormuz, a crucial oil shipping route, in an effort to curb supply. Trump said the strait would reopen naturally once the conflict ends because Iran will want to resume oil sales to rebuild its economy, which would also ease gas prices and lift stocks. Cointelegraph is committed to independent, transparent journalism. This article was produced in line with Cointelegraph’s Editorial Policy; readers are encouraged to verify information independently. Read our Editorial Policy at https://cointelegraph.com/editorial-policy.