Tensions in the Strait of Hormuz not over yet, oil prices surge by 7%!

Jakarta, Pintu News – Global oil prices have surged after reports said Iran plans to place mines in the Strait of Hormuz. The move is expected to reduce the flow of oil through the world’s main trade route.

Reporting from Coingape, This increase in oil prices came after threats from US President, Donald Trump, who warned Iran of very heavy military consequences if it tried to close this vital route. This movement in oil prices affects global markets, including cryptocurrencies such as Bitcoin (BTC).

Impact on Global Oil Market

Brent Crude Oil prices jumped over $90 after dropping to around $82. This shows the market’s reaction to the threat to one of the world’s main energy shipping lines.

Around 20% of global oil supplies pass through the Strait of Hormuz every day, so any disruption in the region has the potential to worsen the world’s energy supply. Furthermore, the passage’s hiatus has only exacerbated the situation, with Iranian-connected vessels the only ones able to pass through the Strait of Hormuz at the moment.

Previously, Trump had given a stern warning that any disruption to the flow of oil would be met with a heavier military response. Although oil prices fell after the threat, these tensions still triggered a surge in prices, as global energy markets are still responding to the threat with high uncertainty.

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Crypto Market Reaction

The rise in oil prices impacted the crypto market, especially Bitcoin (BTC), which fell below the $70,000 level after the report circulated. This drop signaled tensions in the global market which also affected the price of digital assets. Despite the decline in Bitcoin (BTC), the market still performed quite well with a gain of more than 2% on the same day.

Economic uncertainty due to soaring oil prices often prompts investors to turn to cryptocurrencies as a hedge against inflation. However, with these tensions, crypto investors should be aware of the potential impact of global instability that could affect price fluctuations of digital assets.

Read also: World Oil Price per Barrel Today, Thursday, March 12, 2026

Geopolitical Tensions Rise

Iran’s plan to place mines in the Strait of Hormuz sparked a strong statement from Iranian Foreign Minister Abbas Araghchi, who accused the US of spreading fake news to manipulate the oil market.

According to Araghchi, the global energy market is currently facing the biggest oil supply shortage in history, even bigger than the Arab oil embargo or the invasion of Kuwait.

In addition, Iran made it clear that it will not negotiate with the US despite Trump’s stated readiness for dialogue. These heightened tensions only exacerbate the prospect of uncertainty in the energy market and other financial markets, including cryptocurrencies

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• CoinGape. Oil Prices Climb As Iran Set To Deploy Mines At Strait Of Hormuz. Accessed on March 12, 2026
• Featured Image: Generated by Ai