Key Takeaways

• Iran’s military spokesman has warned that oil prices could double due to the war, potentially reaching $200 per barrel, as the US and Iran continue to heat up.

• Bitcoin and oil have experienced increased volatility since the start of the last few weeks. If oil rallies to $200, oil demand could increase.

• Experts said the leading crypto could drop in price if oil prices hit new highs in the coming weeks or months.

The US-Iran war continues to build global tension, leading to severe scarcity of oil across the world, as previous scarcity has driven the price of crude oil to a year high of $120 per barrel, as speculations continue to suggest that the possibility of the price hitting $200 remains highly likely in the coming months if the war continues.

The key reason for this rally in oil has been the closure of the Strait of Hormuz, through which 20% of the world’s oil supply passes, and the closure of Saudi Arabia’s oil production, reducing the extremely high supply in the market.

Despite news of G7 countries releasing an emergency oil reserve in previous days, this has only cushioned the price of crude oil from a high of $120 to $83 per barrel, as the price on Friday, 13th March, 2026, was seen trading above $94 per barrel once more.

While the current war between the US and Iran has lasted for over 8 days now, the price of Bitcoin and the crypto market have responded well, with Bitcoin trading above $73,000 before retracing to $71,000 ahead of market closure.

How would oil trading at $200 per barrel affect the crypto market and Bitcoin? 

How Oil Price to $200 Could Influence Crypto and Bitcoin Prices

Iran is considering allowing tankers to pass through the Strait of Hormuz if transactions are conducted in Japanese Yuan; this could be a major shift in currency, as the US dollar has long been used for major transactions such as Oil.

While the uncertainties surrounding Oil continue to mount, the price of Oil is bound to rally to the upside, potentially reaching a high of $200 per barrel. If the price of Oil rallies to this point, the crypto market and Bitcoin price could see a stall in market movement, as this could prompt investors and institutions to gain exposure to oil, increasing liquidity and demand for the asset.

Such a move could see Bitcoin and the crypto market continue to trade in a range, as the market has failed to show signs of a bullish recovery since its crash from an all-time high. Price trades around key demand zones for BTC and the crypto market.

Crypto experts and analysts suggest the market is in fear despite the recent market rebound in the last few days. Ahead of the new week, traders and investors would pay close attention to market reaction.

Overall, the price of Oil rallying to $200 could stall the crypto market, as it could drive market interest and liquidity into Oil, as traders and investors seek exposure to these tradeable assets.

FAQs

What will happen to crypto if the US attacks Iran?

Speculations are suggesting the price of BTC could go lower, but they have proven wrong as the price is rallying. Gold and Oil have seen strong price action over the last few days.

How much BTC does Iran hold?

There are no exact figures yet, but Iran has been conducting many transactions and mining activities with Bitcoin lately, despite the recent US-Iran war. 

Will the Iran War affect crypto?

The crypto market has experienced a crash in the last few hours amid the US-Iran war, as US President Donald Trump hints at a combat operation. The crypto market could see a significant crash on Monday when it opens.

Does war affect the crypto market?

Historical data show wars such as the Russian-Ukrainian and Israel-Iran have led to market crashes of over 40% and 20%, respectively, and could trigger a similar reaction.

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