The U.S. military has bombed Iran for seven straight nights! It has restarted a port blockade, and crude oil is pushing toward $79.

The U.S. Central Command (CENTCOM) announced that the U.S. military concluded its seventh consecutive night of military strikes against Iran at 9:30 p.m. Eastern Time on July 17 and fully carried out a maritime blockade of Iran’s ports. Geopolitical tensions escalated and dragged risk assets down; on the same day, Bitcoin briefly fell below $63,000, with an intraday low of $62,924, while Brent crude rose by more than 4%, nearing $79.
(Prior coverage: Breaking News》U.S. military airstrike on the tanker “attempting to break through Iran’s port blockade”! Under a stalled 14:00 agreement between the U.S. and Iran, fresh clashes erupt)
(Background: Reports say Israel launched a “preemptive” military attack against Iran! Bitcoin suddenly drops below $65k, panic sentiment surges)

Table of contents

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• Strike list and maritime blockade carried out in parallel
• Risk-off sentiment drags on the crypto market
• Ceasefire breaks down, making it difficult for tensions to cool in the short term

Key highlights

• The U.S. military completed its seventh consecutive night of strikes against Iran; it ended at 9:30 p.m. on July 17 and fully carried out a maritime blockade of Iran’s ports
• On July 17, Bitcoin fell below $63,000, with an intraday low of $62,924, down about 28% from the January high of $93,000
• Brent crude rose by more than 4%, nearing $79; shipping through the Strait of Hormuz is almost at a standstill, and risk-off sentiment weighs on the crypto market

The U.S. Central Command (CENTCOM) said the U.S. military concluded its military strike operations against Iran on the evening of July 17 at 9:30 p.m. Eastern Time, after seven consecutive nights. The crypto market did not stand by; Bitcoin briefly dipped below $63,000 that day as risk-off sentiment surged again.

Strike list and maritime blockade carried out in parallel

The U.S. military said that the overnight operation targeted reconnaissance sites, military logistics infrastructure, underground weapon storage facilities, and maritime targets, using a range of assets including fighter aircraft, drones, and naval vessels.

At the same time, the U.S. military fully carried out a maritime blockade of Iran’s ports. Since Trump ordered the blockade to be restarted this week, the U.S. military has intercepted and diverted four merchant ships; one had its smokestack hit by a missile for failing to comply with the order, and another was subjected to a boarding inspection. CENTCOM also noted that currently more than 50k U.S. troops are deployed in the Middle East, with units on high alert and the capability to carry out strikes quickly.

“The U.S. military will continue to hold Iran accountable in accordance with the President’s instructions and fully implement the maritime blockade against Iran’s ports.”

Risk-off sentiment drags on the crypto market

The market reaction was direct. On July 17, Bitcoin opened at $63,788 and briefly fell to $62,924 intraday, down about 1.4% from the previous day; Ether also weakened in tandem by 2.8% to $1,863. Brent crude rose by more than 4%, nearing $79, while the U.S. Dollar Index climbed to 100.79.

The logic chain is clear: Middle East conflict pushes up oil prices; inflation expectations rise accordingly; markets expect interest rates to stay high for longer; and Bitcoin—traded like a risk asset—therefore faces pressure. During the July 7 wave of strikes against more than 80 Iranian targets, the crypto market triggered roughly $350 million in liquidations. With Bitcoin now about 28% off the January high above $93,000, the drawdown has already taken hold.

Ceasefire breaks down, making it difficult for tensions to cool in the short term

The conflict can be traced back to Feb. 28, when the United States and Israel jointly struck Iran’s nuclear facilities and military targets. On June 24, Trump announced a ceasefire, only to declare on July 8 that the “ceasefire is over.” After that, the U.S. military carried out strikes against more than 80 Iranian targets, while Iran said it retaliated against U.S. forces’ facilities in Bahrain and Kuwait.

The front lines have not narrowed. On July 17, Iran again launched missile and drone attacks on Kuwait’s power generation and seawater desalination facilities. With links across the globe for roughly 20% of oil shipments, shipping through the Strait of Hormuz has nearly frozen. The risk surrounding this oil-export chokepoint is the biggest macro variable weighing on Bitcoin and risk assets, and there are no signs of cooling in the short term.

Frequently asked questions

Why would the U.S.-Iran military conflict affect Bitcoin’s price?

The Middle East conflict lifts oil prices; in July, Brent crude is nearing $79, and rising inflation expectations lead markets to anticipate that interest rates will remain at elevated levels, suppressing risk assets like Bitcoin. On July 7, U.S. military strikes triggered about $350 million in liquidations in the crypto market, and Bitcoin—already down about 28% from the January high of $93,000—continues to face pressure.

What impact does a blockade of the Strait of Hormuz have on the market?

The Strait of Hormuz is the throat of global oil transportation, accounting for about 20% of shipments. If shipping is disrupted, it directly pushes up oil prices and inflation. On July 17, shipping through the strait was nearly frozen, and coupled with the U.S. military restarting its maritime blockade of Iranian ports, it has become the biggest macro variable weighing on Bitcoin and risk assets.