Reignited US-Iran Military Tensions and Skyrocketing Oil Prices: How Bitcoin Proven Its Status as 'Digital Gold'

As of July 13, 2026, the cryptocurrency market is demonstrating unexpected resilience amidst the geopolitical crisis in the Middle East. Despite the negative news of mutual retaliatory airstrikes between the US and Iran and a 5% surge in crude oil prices over the past week, Bitcoin has overcome initial sell-offs and is trading near $63,000. This contrasts with gold, which recorded a four-day consecutive decline during the same period.

The crisis began on July 7, 2026, when the US Treasury Department's Office of Foreign Assets Control (OFAC) abruptly revoked 'General License X.' This measure blocked the authorization for trading Iranian crude oil and petrochemical products, which had been permitted until August 21. Iran immediately reacted, claiming the US violated the previous memorandum of understanding, leading to heightened regional tensions.

News of airstrikes between the US and Iran caused both Bitcoin and the stock market to fall simultaneously, pushing market uncertainty to its peak.

On July 8, when President Donald Trump declared that the ceasefire with Iran was "over," the market fell into an immediate panic. Amid mutual airstrikes between the US and Iran, Bitcoin and major altcoins plummeted along with the stock market, reflecting risk-averse sentiment. In particular, crude oil prices surged by 5% instantly, fueling instability in the energy market, and investors feared the possibility of geopolitical risks escalating into a full-scale war.

Surging Oil Prices and the July 17 Regulatory Deadline

This rise in oil prices carries significance beyond a simple military conflict. According to the newly introduced 'General License X1', a strict deadline has been set to terminate all crude oil transactions by 12:01 AM ET on July 17. As this deadline approaches, uncertainty regarding the energy supply chain is growing, putting pressure on the market.

• The US Treasury's revocation of authorization for Iranian crude oil transactions and the setting of a July 17 termination deadline
• Concerns over global inflation and rising energy costs due to a 5% surge in Brent crude prices
• Re-evaluation of Bitcoin's role as a store of value in the context of geopolitical crises

However, as July 9 approached, the market sentiment reversed. Despite the US Central Command (CENTCOM) confirming retaliatory airstrikes, Bitcoin successfully rebounded, rising 1.2% from the previous day to reach $63,000. Nasdaq futures also surged 2.6%, showing the market becoming desensitized to military tensions, with Bitcoin maintaining a 9% increase compared to the end of June.

Of note is the decoupling phenomenon from gold, a traditional safe-haven asset. While gold prices fell for four consecutive days, Bitcoin maintained a stable trend, suggesting its potential as a new form of safe-haven asset in geopolitical crisis situations. Even amidst the power succession process within Tehran and the chaos following Khamenei's death, the cryptocurrency market is building a relatively solid support level.

As of July 13, 2026, Brent crude is trading between $77 and $79 per barrel. Tensions have eased somewhat following news that the Trump administration ordered the resumption of negotiations, but warnings remain that immediate retaliation will follow any further hostile actions by Iran. Investors are preparing for market volatility ahead of the July 17 oil-related regulatory deadline.