According to FoxNews, Bitcoin (BTC) has rebounded above $101,000 after initially dipping below $98,000 amid fears of an oil price spike. The fears were triggered by reports from France 24's Saeed Azimi that Iranian politicians were considering closing the Strait of Hormuz. However, oil prices quickly erased their gains, with analysts at ING noting the market does not believe Iran will follow through on the threat, a view supported by energy expert Anas Alhajji. This muted reaction in the oil market has allowed risk assets like Bitcoin to recover. An obscure Solana-based memecoin, digital oil (OIL), surged over 400% on the news, as per DEXTools.io data. For Bitcoin, the key support level at $100,430 has held, but a break below this could shift focus to the next support zone around $95,900.

According to @FoxNews, the probability of Iran closing the Strait of Hormuz before the end of the year has surged to 52% on the prediction market Polymarket, following U.S. airstrikes on Iranian nuclear facilities. A closure of the strait, through which about 20% of the world's oil consumption passes according to the Middle East Forum Observer, could cause a significant oil price shock. JPMorgan analysts predict crude oil prices could jump to $120-$130 per barrel, potentially leading to stagflation, a negative outcome for financial assets including cryptocurrencies. While the broader crypto market has remained stable with Bitcoin (BTC) trading above $108,000, a Solana-based digital oil memecoin (OIL) has skyrocketed over 400%, per DEXTools.io data, reacting to the geopolitical tensions. Iranian politicians are reportedly leaning towards the closure, though the final decision rests with the Supreme National Security Council, as stated by France 24 correspondent Saeed Azimi.

According to Saeed Azimi, Tehran correspondent for France 24, Iran's politicians are considering blocking the Strait of Hormuz in response to US military strikes, a move that could drive oil prices higher and exacerbate stagflation in oil-importing nations like the US. Concurrently, DEXTools.io data indicates the Digital Oil memecoin (OIL) surged over 400% against USD on Raydium, a Solana-based decentralized exchange, following an endorsement by Peter Schiff, as reported on X.