🛢️ Oil prices break $120, this time is different

The Iran war has officially begun, with Kharg Island becoming a key focus.
This island handles over 90% of Iran's oil exports.
Once blocked or attacked, the world loses 1.7 million barrels of supply daily.
The market has started pricing in this risk:
• Oil prices $120 break through, hitting a four-year high
• GBP plunges in a single day, risk aversion intensifies
• Asian stock markets broadly decline
Impact on the crypto market:
Short-term — bearish.
Risk assets tend to sell off first when geopolitical tensions rise, and BTC usually follows.
Medium-term — worth watching.
If rising oil prices continue to boost inflation expectations, the Fed will face renewed pressure to raise interest rates, which is not friendly to all risk assets.
But there’s also a counter logic:
Declining fiat currency purchasing power → increased demand for hard assets → long-term benefit for BTC.
During the 1973 oil crisis, gold prices quadrupled two years after the crisis.
Will Bitcoin be the gold substitute of this era?
Currently, BTC is at $67,000, holding the support at $65K .
Only a break below that should cause serious concern.
The developments at Kharg Island are the most important macro variable this week.
DYOR #BTC # crude oil #中东局势 # macro