Limited U.S. exposure to oil shocks may be helping bitcoin

The week-long war between Iran, the U.S., and Israel has pushed oil prices on both sides of the Atlantic past $100 a barrel, shaking Asian markets and sending bond yields higher. Still, bitcoin has barely moved, hovering around $67,000, roughly where it was 24 hours earlier.

A likely reason is America’s relative insulation from Middle East oil flows. JP Morgan’s Executive Director Kriti Gupta and Global Investment Strategist Justin Beimann said, "The United States is not meaningfully exposed to oil from Iran, or, more broadly, the Middle East," noting the U.S.

imports mostly from Canada and Mexico, just 4% from Saudi Arabia, and is now the world’s largest net oil exporter. U.S. stocks have held up better than Asian and European equities amid the turmoil. Markets are pricing that divergence: futures tied to the S&P 500 and Nasdaq are down just over 3% since the conflict began on Feb.

United States, Middle East

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