Israel is conducting an airstrike operation called 'Rising Lion' against Iran's capital, Tehran, shaking global financial markets significantly.
The international oil price, sensitive to Middle Eastern dynamics, surged by more than 6%. In contrast, cryptocurrencies plummeted sharply.
News of Israel's airstrike on Tehran early on the 13th (local time) caused international oil prices to immediately rise. West Texas Intermediate (WTI) futures soared 5.91% to $71.99 per barrel. Brent crude futures also jumped 5.48%, trading at $73.16 per barrel.
Conversely, futures on the New York Stock Exchange showed a uniform decline. As of 9 p.m. on the 12th (local time), Dow futures were down 1.45%, S&P 500 futures fell 1.63%, and Nasdaq futures dropped 1.84%.
The cryptocurrency market showed an even steeper decline. Bitcoin recorded a drop of 4.31% compared to the same time the previous day, reaching $103,868. This marked the first time Bitcoin has fallen below $105,000 in five days. It is approximately 7% lower than its all-time high of around $119,900 recorded on the 22nd of last month.
Ethereum, the second-largest by market capitalization, traded at $2,528 after plummeting 8.75%. Ripple saw a decline of 6.09%, recording $2.12. Solana and Dogecoin also fell sharply by 10.35% and 10.97%, respectively, indicating a widespread decline in cryptocurrencies.
Demand for safe assets surged. Gold, the Japanese yen, and the Swiss franc showed strength in the foreign exchange market following the airstrike.
JP Morgan warned that if Iran were to block the Strait of Hormuz, oil prices, which had risen to $70 per barrel that day, could soar above $120. Approximately 30% of global maritime oil transactions pass through Iran's Strait of Hormuz.