The Strait of Hormuz, a vital waterway connecting the Persian Gulf to the Arabian Sea, has become a hotbed of geopolitical tension following the announcement of Project Freedom by US President Donald Trump. The operation aims to escort neutral foreign vessels through the critical trade route, where ships have been stranded amid escalating tensions between the US and Iran.
Brent crude prices dipped 0.16% to $108 a barrel, while West Texas Intermediate (WTI) crude fell 0.29% to $101 at press time. In contrast, Bitcoin rallied to $80,000 in early Asian trading hours before settling at $79,715. The cryptocurrency's price surge can be attributed to its traditional safe-haven status and the perceived impact of Project Freedom on global markets.