Iran’s IRGC on Monday said it struck US bases in the Gulf countries, including Kuwait, Bahrain and Jordan, in retaliation for US strikes. Oil prices climbs 5% as Iran declared the Strait of Hormuz closed and escalated the US-Iran war, causing gold, stocks and Bitcoin to tumble significantly.
US-Iran War Escalates, Oil Prices Climbs 5%
U.S. Central Command reported on July 13 that US forces struck dozens of Iranian military targets, including air-defense systems, coastal radar sites, missile and drone capabilities, and small boats.
“The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it,” CENTCOM stated.
The US launched multiple strikes in the last few days to reduce Iran’s ability to continue attacking international shipping flowing through the Strait of Hormuz.
In retaliation, Iran’s IRGC launched multiple missiles and drones towards US bases across the Middle East, including Jordan, Bahrain, Kuwait, Qatar, and the U.S. Navy Fifth Fleet headquarters in Bahrain.
IRGC claimed it has destroyed fuel and ammunition depots at Prince Hassan Airbase, Jordan, facilities at US 5th Fleet HQ & Sheikh Issa Airbase, Bahrain. Iran forces also destroyed fuel tanks, Patriot air defense systems, and radar at the Ali Salem & Ahmad Al‑Jaber bases in Kuwait, as per Sputnik.
As a result, crude oil prices jumped 5% on Monday amid the Strait of Hormuz’s closure declared by Iran.
BREAKING: US oil prices extend gains to nearly +5% on the day as Iran declares the Strait of Hormuz closed again. pic.twitter.com/5APWlLYsQg
— The Kobeissi Letter (@KobeissiLetter) July 13, 2026
Gold and Bitcoin Prices Fall
Gold prices slipped 1.55% to $4,050 lows on Monday, remaining under pressure amid US-Iran war escalation. Silver also plunged almost 3% amid higher oil prices.
As traditional precious metals react to geopolitical tensions, investors looking to hedge on-chain can learn how to buy tokenized commodities like gold and silver directly from their Web3 wallets.
The latest strikes also sparked jitters among investors as they await key US CPI inflation data due this week for further clues on the US Fed monetary policy outlook. Meanwhile, Fed Chair Kevin Warsh is also scheduled to make his first appearance before the US Congress on Tuesday.
The US 10-year Treasury yields climbed to around 4.60% on Monday, hovering near 7-week highs. The US dollar index (DXY) climbed above 101, putting pressure on Bitcoin prices amid renewed missile strikes between the US and Iran.
Bitcoin price tanked more than 2% in the past few hours, with the price currently trading at $62,769. The 24-hour low and high were $62,806 and $64,340, respectively.
Furthermore, trading volume has increased by 22% in the last 24 hours as traders moved to buy the dip. US futures were also down nearly 2.50% in the past 24 hours.