Bitcoin has maintained its position around $70,000 despite a sharp rise in oil prices driven by escalating tensions with Iran. U.S. stocks tumbled on concerns over energy costs and private credit issues, while President Trump prioritized stopping Iran over price worries. Later, Treasury Secretary Scott Bessent's announcement on Russian oil eased some pressures, pushing Bitcoin toward $72,000.
On Thursday, March 12, 2026, crude oil prices surged nearly 10% to approach $100 per barrel, fueled by geopolitical tensions in the Middle East. The escalation involved concerns over the Strait of Hormuz, a vital oil shipping route, after Iran's new supreme leader, Mojtaba Khamenei, stated in his first public remarks that the strait should remain closed. U.S. President Trump commented, "Stopping Iran is of more concern to me than oil prices," as the conflict weighed on global markets.
Bitcoin, trading at around $71,167, proved resilient, holding above the $70,000 level even as risk assets declined. The Nasdaq fell 1.6% and the S&P 500 dropped 1.2% by midday on the East Coast. Gold dipped 0.6%, while the 10-year U.S. Treasury yield rose three basis points to 4.23%.
Compounding market unease were ongoing worries in the private credit sector. Morgan Stanley capped redemptions on its $8 billion North Haven Private Income Fund, with shares declining 4%. Other financial firms like JPMorgan, Citigroup, and Wells Fargo saw drops of about 3%, and private equity players such as KKR, Apollo Global, and Ares Management fell 3% to 4%.
James Butterfill, head of research at CoinShares, noted, "The dominant variable in global asset pricing is no longer the labour market. It is oil — and the geopolitical crisis underpinning it." Quinn Thompson of Lekker Capital added, "Things get dicey from here and when backs are up against the wall, volatility increases."
In the evening, U.S. Treasury Secretary Scott Bessent sought to calm fears, announcing temporary authorization for countries to purchase Russian oil currently in transit. "The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," Bessent stated on X. Following the news, oil pulled back about $2 per barrel to $95.22, and Bitcoin climbed 2.2% to just below $72,000.
Dom Harz, co-founder of layer-2 blockchain BOB, suggested institutions are increasingly interested in Bitcoin's financial infrastructure beyond mere price exposure.
