Persian Gulf Ship Attacks: Iran Warns of $200 Oil, Bitcoin Under Pressure

On March 12, foreign vessels were attacked again in the Persian Gulf, with Iran's Islamic Revolutionary Guard Corps warning that oil prices could soar to $200 a barrel if tensions in the Strait of Hormuz persist. The incident triggered market panic, keeping Bitcoin's price below $70,000. Reports indicate that two foreign oil tankers caught fire after being attacked in Iraqi waters, near the port of Umm Qasr, close to Basra. The attacks resulted in at least one fatality, with 38 crew members rescued.

In a separate incident, the Iranian Revolutionary Guard admitted to firing on a Thai-flagged cargo ship, the 'Mayuree Naree,' in the Strait of Hormuz, 11 nautical miles north of Oman. Photos showed thick black smoke billowing from the ship, and its 23 crew members were evacuated. A spokesperson for the Iranian Revolutionary Guard stated firmly: 'Oil prices depend on regional security, and you (referring to relevant parties) are the main source of insecurity in the region. Oil prices are expected to reach $200 per barrel.' The spokesperson also declared all allied vessels as 'legitimate targets.'

Fueled by geopolitical risks, oil prices rebounded above $95, and traffic through the Strait of Hormuz has fallen to less than 10% of normal levels. To address a potential energy crisis, the United States plans to release strategic oil reserves starting next week, totaling 172 million barrels, with deliveries expected to be completed in approximately 120 days. Amidst rising inflation expectations due to the oil shock, Bitcoin's price is under pressure, and market sentiment is extremely fearful. From March 16 to 19, seven central banks will announce interest rate decisions, with the Federal Reserve's updated dot plot being the most significant for the cryptocurrency market.