The cryptocurrency rose as much as 2.1% to $80,594 on Monday, its highest since 31 January, while Asian stocks neared record levels and Ether also gained.
The move builds on Bitcoin's earlier return above $80,000 at the start of Asia's trading week, extending a rally that previous reports linked to strong US spot ETF inflows.
Earlier context suggested gains were driven more by leveraged futures demand than broad spot buying, leaving the advance potentially vulnerable if inflows slow or market positioning shifts.
With global oil supply slashed, how long can the world economy withstand the shockwaves from the paralyzed Strait of Hormuz?
As a 'shadow fleet' defies the blockade, who is truly in control of the Strait of Hormuz and global oil supply?
Is 'Project Freedom' a genuine rescue mission or a prelude to a wider war in the world's most critical oil chokepoint?
The 13.7 Million Barrel Daily Oil Deficit Driving Global Inflation Amid the Strait of Hormuz Blockade
Overview
In April 2026, the U.S. imposed a naval blockade on the Strait of Hormuz to pressure Iran over nuclear talks, causing Brent crude prices to spike to $126 per barrel. Despite this, prices stabilized around $120–$125 in May due to the U.S. military's 'Project Freedom' escorting vessels, demand reduction from high prices, and strategic petroleum reserve releases. Iran's use of onshore and floating storage delays the impact but risks forced well shutdowns that could permanently damage oil reservoirs and tighten global supply. The blockade has fractured OPEC+, with the UAE leaving and pursuing non-dollar oil deals, while global markets face stagflation risks and accelerated shifts toward renewable energy amid ongoing geopolitical tensions.