US Strikes on Iranian Oil Tankers Push Oil Prices Up, Bitcoin Drops Nearly 1% to $79,700

Bitcoin fell nearly 1% to around $79,700 as escalating US-Iran conflict pushed oil prices higher. The US Central Command confirmed strikes on three Iranian oil tankers on Saturday, located near Kharg Island, off Jask, and in the Gulf of Oman. Admiral Brad Cooper stated that if Iran attacks US vessels, Washington will impose higher economic costs. The US Central Command updated maritime blockade data, reporting that since operations resumed on July 14, 92 commercial ships have been diverted, 3 disabled, and 2 boarded for inspection. Oil prices rose 1% in both European and US markets, with WTI at $92.72, accumulating gains of over 6% in the first seven days of September. Higher oil prices could exacerbate global inflation, making it harder for central banks, including the Federal Reserve, to cut interest rates. Additionally, last Friday's US August employment data came in stronger than expected, reinforcing expectations of Fed rate hikes, but Trump immediately called for rate cuts on Truth Social, stating that a strong nation means lower interest rates. This uncertainty may dampen risk appetite in Bitcoin and broader markets. Separately, late Sunday night, the Liquid Network, used by exchanges as a settlement layer, suffered a $320 million attack.