Bitcoin, U.S. futures give up early gains as Iran conflict intensifies

Bitcoin slipped back below $66,000 after touching a high near $67,000 in early Asian trading, while S&P 500 e‑mini futures reversed an early advance and fell to 6,790, down 1.4% from a session peak of 6,857. Oil prices continued to trade higher, rising more than 7% on both sides of the Atlantic.

The market pullback came as open‑source intelligence posts on X reported that Iran stepped up missile attacks on U.S. assets in Bahrain, Kuwait and the UAE and struck Saudi Aramco’s Ras Tanura refinery. Aramco is the world’s largest oil‑producing company. The BBC also reported that Israel carried out another round of airstrikes in Lebanon targeting Hezbollah.

Stephen Coltman, head of macro at 21Shares, said Iran’s strategy has been to raise the cost to the United States of sustaining the conflict by launching attacks on neighboring countries and attempting to disrupt oil and LNG flows through the Strait of Hormuz.

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