Oil prices fell on Thursday after reports that the United Arab Emirates (UAE) released Iran’s frozen assets held in Emirati banks, including gold valued at roughly $200-283 million. As a result, Bitcoin and the broader crypto market witnessed a much-needed rebound.
The UAE Transfers Frozen Cash and Gold to Iran
The UAE has released several billion dollars of Iran’s frozen assets held in UAE banks, including 1.5 tonnes of gold, according to The Hormuz Letter and other sources on X.
The reports claim the reason behind the transfers is that Iran spares the UAE from future attacks, according to multiple senior sources in Tehran with knowledge of the transfers.
The assets were transported to Iran aboard a Boeing 737-7KK (A6-RJA) operated by UAE Royal Jet, from Abu Dhabi to Tehran’s Mehrabad Airport and Payam Airport in Karaj on August 11 and 12. Each flight reportedly stayed under an hour before returning.
INTERESTING: A UAE government VIP jet—a Boeing 737-700 BBJ operated by Royal Jet—made short visits to Iran on two consecutive days.
On Aug 11, it flew from Abu Dhabi to the Tehran area and stayed roughly one hour.
On Aug 12, the same aircraft returned, this time landing at… pic.twitter.com/cMCNxzyCNq
— Clash Report (@clashreport) August 12, 2026
This is described by some sources as the third such transfer. Earlier claims in Reuters’ June report suggested the UAE had agreed to unlock $10-20 billion, with more than $3 billion already delivered amid the US-Iran war.
However, the UAE Foreign Ministry denied reports of transfers at the time, stating “no frozen Iranian funds have been released, transferred, or facilitated through the UAE.” US officials also rejected claims of any side deals or releases without Iran’s denuclearization.
The latest reports also remain unverified by the UAE or the US as of August 13. However, Iran can get its frozen assets and reparations by auctioning off attack exemptions to Gulf states, including Bahrain, Kuwait, Saudi Arabia, Jordan, and Qatar.
Bitcoin Jumps as Oil Price Declines
Oil prices fell towards $82 per barrel today, snapping a five-day advance as investors hope for a deal to reopen the Strait of Hormuz and the latest transfers of Iran’s frozen assets by the UAE.
However, the Trump administration is also moving toward imposing greater economic pressure on Iran. The measures include expanding economic sanctions and a naval blockade.
Meanwhile, Bitcoin price also jumped 1% within hours as oil prices dropped sharply. The price is currently trading near $63,900, with 24-hour lows and highs of $63,267 and $64,329, respectively.
Bitcoin trading volume has increased by almost 6% over the last 24 hours, indicating traders remain interested. This comes as US CPI inflation slowed for a second consecutive month to 3.4%.
Polymarket data revealed 26% odds of Bitcoin dipping below $60,000 in August, while no is at 76%. Notably, Bitcoin has dropped to its ‘Cost of Production’ zone, a level historically associated with bear-market bottoms.
