Oil prices are climbing again and Bitcoin is feeling the heat. Despite President Donald Trump’s surprise five-day pause on strikes against Iranian power plants, the US and Israel launched fresh attacks on Iranian energy infrastructure on March 24, 2026. Bitcoin, which briefly spiked above $71,000 on hopes of a ceasefire, now faces growing downward pressure as the Middle East conflict deepens and crude oil barrels past $100.
Oil Prices Rebound as Iran Denies Peace Talks
Oil prices extended gains on Tuesday morning as energy market participants assessed developments related to the Iran war. Brent crude futures traded up 2.4% at $102.31 per barrel, while U.S. West Texas Intermediate futures traded nearly 3.6% higher at $91.27 per barrel.1
The rebound came fast. Just a day earlier, Brent crude had fallen close to 11% to $99.94 per barrel after topping $112 on Friday.2
That drop was triggered by Trump’s announcement on Truth Social. He claimed the US and Iran had “very good and productive conversations” and that he had “instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period.”2
But the optimism was short-lived. Iran’s Foreign Ministry said there had been no dialogue between Tehran and Washington. The ministry claimed Trump’s comments aimed to reduce energy prices and buy time to implement military plans.3
That denial sent oil right back above $100, and risk assets like Bitcoin started feeling the squeeze.
Bitcoin price drop risk amid rising oil prices Iran war
US-Israel Strikes Continue Despite Five-Day Pause
Israel and the United States launched a new wave of attacks against Iran. The Israeli military said it launched a second round of attacks, hours after it said it had “begun a wide-scale wave of strikes” on infrastructure targets in Tehran.3
Al Jazeera Arabic’s correspondent in Tehran reported that the explosions in the Iranian capital were “unprecedented,” especially on the eastern side of the city.3
Reports pointed to strikes on natural gas infrastructure in Isfahan and a gas pipeline linked to the Khorramshahr power plant. Among the Iranian energy facilities hit in recent days was the Bushehr nuclear power plant complex, though the International Atomic Energy Agency said there were no injuries and the plant suffered no damage.4
Here is a quick look at the key developments in the conflict so far:
- Explosions have been heard for a 24th day in Iran, Israel, and across several Middle Eastern states since the US and Israel began attacking Iran on February 28.5
- The U.S. military has struck more than 8,000 Iranian military targets, including 130 vessels.6
- Preliminary figures show 1,500 dead in Iran, at least 18 in Israel, 13 US soldiers, and 21 killed in Gulf states.5
- The war is creating the largest supply disruption in the history of the global oil market, with crude flows through the Strait of Hormuz plunging from around 20 million barrels per day to a trickle.7
Saudi Arabia and UAE Edge Closer to Joining the War
The conflict could widen even further. Saudi Arabia and the United Arab Emirates have taken steps toward joining the Iran war, the Wall Street Journal reported, potentially signaling an escalation of the fighting.8
Saudi Arabia agreed to give the US military access to King Fahd Air Base, an apparent reversal after saying its bases couldn’t be used to attack its longtime rival.9
Saudi Crown Prince Mohammed bin Salman is now eager to re-establish deterrence and is close to a decision to join the attacks.10
“Saudi Arabia’s patience with Iranian attacks is not unlimited,” Saudi Foreign Minister Faisal bin Farhan told reporters. “Any belief that Gulf countries are incapable of responding is a miscalculation.”10
The UAE alone has intercepted 338 ballistic missiles and 1,740 drones since the start of the war.11 The UAE has told the US that it is prepared for the war to last up to nine months.11
If Saudi Arabia and the UAE formally enter the conflict, attacks on energy infrastructure across the Middle East will intensify, threatening global crude oil supply even further.
Bitcoin Struggles Under Oil Price Pressure
Bitcoin’s price today is $71,228, with a previous close of $68,324.12 It spiked from a 24-hour low of $67,508 after Trump’s pause announcement but faces strong headwinds now.
The cryptocurrency has sold off more than 20% since the Middle East war erupted, extending the downturn that began in late October after Bitcoin retreated from its record high.13
Analysts say additional pressures include its exposure to a broader selloff in stocks and other risky assets, along with higher energy costs that make mining more expensive.13
The numbers paint a concerning picture:
| Metric | Value |
|---|---|
| Bitcoin Price (March 24) | ~$71,228 |
| 52-Week High | $126,186 |
| 52-Week Low | $60,187 |
| Drop from All-Time High | ~43% |
| Market Cap | ~$1.41 trillion |
Bitcoin is up around 2% on the month, holding above $68,000. However, a late pullback would see Bitcoin close six consecutive months in the red, matching the longest negative streak on record, last seen between August 2018 and January 2019.14
Technical analysts suggest that maintaining a floor above $67,500 is crucial for Bitcoin to sustain its current bullish structure. If the price manages to break back above the $69,500 resistance level, it could clear the path for a renewed surge toward $72,000. A drop below current levels might see the asset testing the $65,000 support zone.15
Coinbase Premium Index Signals Selling Pressure
One warning sign that crypto traders are watching closely is the Coinbase Bitcoin Premium Index.
According to Coinglass data, Coinbase’s Bitcoin Premium Index turned negative again after 5 consecutive days of positive premium. The buying sentiment in the U.S. market has improved compared to February, after previously being in a negative premium for 40 consecutive days.16
The index measures the price difference between Bitcoin on Coinbase and the global market average. A negative premium suggests increased selling pressure and reduced investor risk appetite in the U.S. market.17
The index has been in negative premium territory for most of 2026. Since January, it has only been in positive premium for 6 days.18
This persistent negative reading tells us that U.S. institutional buyers are stepping back, not stepping in.
Goldman Sachs warned that if Strait of Hormuz flows remain at just 5% of normal levels for 10 weeks, daily Brent prices will likely exceed their 2008 record level of $147 per barrel.2 That kind of oil spike could send Bitcoin tumbling well below the $65,000 support zone.
The road ahead for Bitcoin depends almost entirely on what happens in the Middle East. If Trump’s five-day pause leads to real talks, oil prices could ease and give Bitcoin room to breathe. But with Iran denying negotiations, fresh strikes hitting energy infrastructure daily, and Saudi Arabia on the brink of joining the war, the risks are stacking up fast. For crypto investors, this is a moment to stay alert, manage risk carefully, and avoid chasing short-lived rallies. What matters most right now is not just the charts, but the headlines from a region where every missile can move markets.
Drop your thoughts in the comments below. Are you buying the dip or waiting this out
