Global Markets Experience Volatility as US-Iran Tensions Escalate

The global market is experiencing significant volatility as US-Iran tensions escalate once again. Brexit prices of crude oil and natural gas have surged, with Brent crude jumping 5.7% to $95.50 a barrel, while European natural gas futures saw an increase of up to 11%. Meanwhile, the S&P 500 futures fell by 0.6%, indicating a possible downturn in equity markets.

The Strait of Hormuz, a critical waterway for global oil trade, has been closed by Iran due to heightened tensions. This move has led to a 1.6% drop in bitcoin price, with the cryptocurrency trading at $74,335 on Monday morning. Ether also experienced a decline, falling 2.6% to $2,272.

It's worth noting that this is the fourth major Iran-related risk event that cryptocurrency has absorbed since the conflict began. Despite previous instances causing sharper drawdowns in bitcoin, the current market reaction is relatively muted. This could be due to a shrinking sell-off thesis, where holders who were going to sell on Iran headlines have already done so.