According to The Kobeissi Letter, oil prices have not only erased all overnight gains but have turned negative, even as some of Iran’s largest oil and gas facilities are reported destroyed and shut down (source: The Kobeissi Letter, June 16, 2025). This unexpected market reaction suggests traders may be pricing in alternate supply routes or anticipating muted long-term disruption. For crypto traders, this resilience in oil markets could indicate broader risk appetite stability, potentially supporting BTC and ETH as macro volatility remains contained.