Oil markets continued to rally on Friday morning amid tensions in the Middle East.
Iran’s Islamic Revolutionary Guard Corps (IRGC), the most important weapon of Iran’s military and regional forces, announced that any movement through the Strait of Hormuz by ships tied to US and Israeli allies will be met with a strong response, state media FARS said.
The group said its military has already moved in and intercepted three ships trying to pass through the channel.
The move raised concerns of long-term disruptions to the vital oil route.
Brent and other crude prices rose on a possible drop, keeping prices higher despite recent attempts to stabilize markets.
Brent crude, the international benchmark, hit $111 a barrel, while WTI, the US benchmark, rose to $98, according to the latest data. data.
Elsewhere, gold is gaining again, pushing above $4,500, on TradingView.
Crypto markets
Crypto markets are down new pressureand flexibility is increasing. Bitcoin, which had already fallen below $67,000 earlier, extended its decline to $65,730.
Investor sentiment continues to deteriorate, while the Crypto Fear and Greed Index remains in the “very fearful” zone. The market value is down 4% to $2.35 trillion.
Weakness also spreads to altcoins. Ether fell 5% to below $1,980, while BNB and XRP each recorded losses of more than 3% over the past 24 hours.
Slow is what goes through
The Strait of Hormuz normally carries about 20.5 million barrels of crude oil and condensate per day, about one-fifth of the world’s total.
Ever since the US and Israeli forces attacked Iranian weapons on February 28, 2026, under what the Pentagon called Operation Epic Fury, this flow has been greatly disrupted.
While Iran recently signed that “non-hostile” ships can pass through, many major routes have been halted, keeping a major blockade in place.
The disruption is five times larger than the 1973 Arab Oil Embargo, making it the worst in modern energy history.
Brent crude stood at around $73 a barrel on February 27, the day before the war. Within three weeks, it peaked at around $115 a barrel.
Dubai crude, which has been widely watched by Asian refiners, hit an unprecedented $137 a barrel when the market began to falter in mid-March.
Oil prices are up more than 40% from pre-war levels, a punitive hike that has forced several governments in Asia and Europe to impose fuel rationing and other emergency measures.
