Gold Climbs, Oil Surges, Stocks and Bitcoin Slide Amid Israel-Iran Conflict
Jamie Redman
Markets and Prices
Gold Climbs, Oil Surges, Stocks and Bitcoin Slide Amid Israel-Iran Conflict
On Thursday, Israel carried out overnight airstrikes targeting Iranian nuclear installations, dramatically heightening geopolitical friction across the Middle East. In response, major U.S. equity indices plunged on Friday. At the same time, gold has climbed 1.61% per ounce, while crude oil barrel prices vaulted over 5%.
Dow Dives, Bitcoin Drops, Oil Erupts: Fallout From Israeli Strikes Begins
Israeli airstrikes on Iran set off a global retreat from risk, sending equities into a tailspin while oil and gold prices sharply climbed. Bitcoin (BTC) slipped 1.9% over the past 24 hours, dragging the broader crypto market down 3.21% by Friday. Investor sentiment cratered as markets braced for potential reprisals and a broader military escalation.
U.S. President Donald Trump maintains he urged Iran to reach an agreement. “I told them, in the strongest of words, to ‘just do it,’ but no matter how hard they tried, no matter how close they got, they just couldn’t get it done,” the president said.
Trump added:
Two months ago I gave Iran a 60 day ultimatum to ‘make a deal.’ They should have done it! Today is day 61. I told them what to do, but they just couldn’t get there. Now they have, perhaps, a second chance!
Reassurances from political figures have done little to steady investor nerves. U.S. equities opened lower across the board on Friday morning (ET), with all major indices charting losses. The Dow Jones Industrial Average paced the retreat, dipping 1.12% to 42,488.01. The Nasdaq Composite fell 0.72%, beginning the session at 19,520.20, while the S&P 500 edged down 0.66% to 6,005.10.
Gold soared to $3,440 per ounce Friday morning, while oil barreled past $74, leaping 5.9% in early trading. Over the past 12 months, both commodities—gold and oil—have consistently held their ground and gained favor during times of geopolitical unrest and armed conflict.
In a note shared with Bitcoin.com News, Nic Puckrin—crypto analyst, investor, and founder of The Coin Bureau—weighed in on the escalating conflict in the Middle East. He cautioned that digital assets may face additional pressure in the short term, though he expressed confidence that bitcoin’s long-range resilience will ultimately prevail.
“The biggest risk is if Iran were to close the Strait of Hormuz, which ferries nearly 20% of the world’s oil supply,” Puckrin told our Newsdesk. “If it does, oil will see a massive spike, and risk assets will fall off a cliff. And, if this happens over the weekend, the market that trades 24/7 – crypto – will once again take the hit.”
Puckrin concluded:
However, over the long term, what matters most for bitcoin isn’t geopolitics, it’s the US dollar index. And the DXY has just broken below 100, its lowest level in over three years. It’s clear USD is only going in one direction, and bitcoin typically goes in the opposite.
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