Iran Closes Strait of Hormuz Again: Oil Rises as Crypto Crash
Iran has officially closed the Strait of Hormuz citing a US blockade. Oil prices jumped to $83 while Bitcoin dropped to $76,000 amid rising geopolitical tension.
Geopolitical tensions in the Middle East have reached a boiling point today, April 18, 2026, as the Iranian military officially announced the closure of the Strait of Hormuz. This move comes less than 24 hours after the waterway was briefly declared "open" during a fragile ceasefire. The Iranian military command stated that the strategic passage has now "returned to its previous state" due to the United States' refusal to lift a naval blockade on Iranian ports.
Impact on Global Energy and Crypto Markets
The sudden escalation triggered an immediate reaction across global financial markets. WTI Crude Oil prices, which had softened during the brief reopening, quickly pumped back to the $83/barrel mark. Simultaneously, the risk-off sentiment hit the digital asset space hard; Bitcoin (BTC), which had been testing major resistance levels, saw a sharp correction down to $76,000.
Why the Strait of Hormuz is Closed Again
According to a statement published via the state-backed Fars media outlet, the Iranian military accused the U.S. of "banditry and piracy" by maintaining its blockade despite the temporary truce. The military command emphasized that until the U.S. ensures full freedom of movement for vessels traveling to and from Iran, the strait will remain under "strict management and control" of Iranian armed forces.
This reversal has effectively caught markets off guard. Just yesterday, President Trump had claimed on Truth Social that Iran had agreed to never use the strait as a weapon again. The current "previous state" implies a full military blockade of one of the world's most vital energy arteries.
Bitcoin and Crypto Under Pressure
The crypto market's reaction has been swift and decisive. Before this news broke, Bitcoin was struggling to maintain momentum at its psychological resistance level.
- Bitcoin (BTC): Slipped to $76,000, erasing recent gains.
- Altcoins: Most major tokens followed suit, with liquidations spiking as traders fled to "safe-haven" assets like gold.
- Outlook: Analysts warn that if the conflict escalates further, BTC could test support levels near $71,000.
