By alejoview07 on Skatehive
The global markets faced a "crude" awakening late Sunday as escalating geopolitical tensions in the Middle East sent energy prices into a frenzy, casting a shadow over the cryptocurrency sector. While oil futures witnessed a historic surge, Bitcoin (BTC) struggled to maintain its footing, slipping nearly 2% in a matter of minutes. Oil Hits 2022 Highs Amid Supply Warnings As U.S. futures markets opened, the energy sector felt an immediate shockwave. According to data from the decentralized platform Hyperliquid, crude oil prices catapulted from $95 to $113.70 per barrel. This mark represents the highest valuation for oil since April 2022, a peak last seen during the early stages of the Russia-Ukraine conflict. The primary catalyst? A dire warning from Iraq. Officials cautioned that approximately 3 million barrels of daily production are currently at risk due to Iranian threats targeting tankers in the Strait of Hormuz. This critical maritime chokepoint is essential for global energy stab