Iran warned the US and its regional neighbors this weekend that it would retaliate decisively against any fresh American attack, as President Trump nears a decision on what would reportedly be the largest US strike on Iran to date. Oil has stayed above $100 a barrel and Bitcoin has swung on the standoff's every twist, while the US Treasury has seized over $1 billion in Iranian-linked crypto assets.
Iran warned this weekend against any adventurous action by the United States and said it would retaliate decisively if American forces follow through on President Donald Trump's threats of fresh attacks on Iranian targets. Trump is reportedly close to deciding whether to launch what would be the largest US military strike against Iran to date, according to Hudson Institute senior fellow Michael Doran.
Tehran works the phones
Iran's Foreign Minister Abbas Araqchi discussed the fallout of the tensions in separate weekend calls with senior Turkish, Pakistani, and Saudi officials. He told Pakistan's Army Chief Field Marshal Asim Munir and Turkish Foreign Minister Hakan Fidan that Iran would respond decisively to any aggression against it. He later told Saudi Foreign Minister Prince Faisal bin Farhan that any attack by the US and Israel, or participation by regional countries in such action, would draw a proportionate response.
Nournews, a media outlet affiliated with Iran's top security body, said US strikes on Iranian energy infrastructure would prompt Iranian strikes on oil fields in Saudi Arabia and the United Arab Emirates, as well as the gas fields of Qatar and Israel. According to Nournews: "all will be burned to ashes."
Oil holds above $100 a barrel
Benchmark Brent crude futures rose 24% in July, and analysts polled by Reuters expect prices to climb further this year. Oil has stayed elevated since US and Israeli forces opened the war with strikes on Iran on February 28. It has now pushed past $100 a barrel as the standoff drags on.
The risk of Iranian attacks has deterred most shipping through the Strait of Hormuz since the conflict began, and Iran's Houthi allies in Yemen have separately begun threatening the Bab el-Mandeb strait, another export route for Saudi crude oil. A government facility in northern Kuwait and civilian property on Bubiyan Island were struck on Saturday, with falling shrapnel causing damage but no casualties, Kuwait's army said.
Bitcoin whipsaws on every headline
Bitcoin and other major digital assets have shown pronounced sensitivity to the standoff, dipping on reports of ceasefire breakdowns and climbing on signs of diplomatic progress.
The US Treasury, led by Secretary Scott Bessent, has seized or frozen over $1 billion in Iranian-linked crypto assets, including through sanctions on Nobitex, which reportedly processed more than half of Iran's digital asset activity. Tether has also confirmed cooperation with US authorities, freezing USDT-linked accounts tied to Iranian interests.
The UK Maritime Trade Operations reported two further incidents off Oman on Saturday, including a tanker struck by an unknown projectile that damaged its engine room.
Sources: Commodities & Futures News, Crypto Briefing
Trading involves risk.
Risk Disclaimer
