Oil Prices Rise Despite Ceasefire Claims as Bitcoin Moves in the Opposite Direction
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U.S. and Iranian forces exchanged fire near the Strait of Hormuz on May 8, 2026; Trump said three U.S. Navy destroyers were attacked, sending Brent crude back above $100/barrel. Bitcoin briefly rallied on ceasefire optimism but fell back as tensions reignited, increasing crypto volatility and creating short-term downside risk for token performance across CEX/DEX and DeFi markets.
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- Trump insisted the ceasefire still holds despite reports of attacks involving U.S. Navy destroyers.
- Oil climbed above $100 after fresh U.S.-Iran clashes near the Strait of Hormuz.
- Bitcoin rallied during ceasefire optimism but later fell back as tensions reignited across markets.
Oil prices climbed again on Friday, even after U.S. President Donald Trump insisted that a ceasefire between the United States and Iran was still holding.
Fresh military clashes in the Strait of Hormuz renewed fears that the conflict could further disrupt global energy supplies. This has pushed Brent crude back above the $100 per barrel.
U.S. and Iranian Forces Exchanged Fire
The latest flare-up came after U.S. and Iranian forces exchanged fire near the Strait of Hormuz. Trump said three U.S. Navy destroyers were attacked while moving through the strait.
However, he claimed the ve…
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