Bitcoin Rally Wiped Out by Iran Tanker Attack in Hormuz

Friday, October 1, started with Bitcoin at $84,000. Disappointing US jobs figures and reduced expectations of a Fed rate increase then sparked a rally that pushed the cryptocurrency close to $87,000.

By the end of the day, Bitcoin had returned to its opening price, having added and shed $50 billion in market value in the process. The culprit for the sharp reversal?

A British maritime agency reported that Iran hit a large oil tanker in the Strait of Hormuz, the sixth tanker strike of the week. While oil prices showed little movement, the crypto market reacted strongly.

Hormuz Stays a Key Factor for Financial Markets

The Royal Navy's United Kingdom Maritime Trade Operations (UKMTO) issued its warning on Friday.

A tanker master reported being hit at 11:22 UTC while transiting outbound. The impact ignited a small fire and caused a loss of power.

The crew extinguished the fire, and the vessel continued. UKMTO confirmed no casualties or pollution.

The agency did not name the vessel or the attacker, though viral posts on X attributed the strike to Iran. UKMTO stated only that an investigation is underway.

BREAKING: Iran has struck an oil tanker while it was transiting the Strait of Hormuz, according to the latest reports.

UKMTO says the vessel’s master reported being hit by a projectile, causing a small fire and a temporary blackout. The fire has since been extinguished, and the…

— The Iranian Letter (@TheIranianzg3z) October 2, 2026

A day earlier, the Kuwait-flagged supertanker Kazimah III caught fire after a similar strike. According to Seatrade, vessels faced at least 16 attacks in the strait in September.

Why Oil Prices Stayed Steady While Bitcoin Fell

Binance data showed that the Bitcoin price was rejected near $87,000 for the third time in two weeks, following previous peaks on September 22 and 23.

Crude presented a much calmer picture. US crude was trading around $93.70 and Brent crude around $106.30, with both rising less than 0.25% in the session.

Brent futures had earlier in the day dropped 2.89% to $99.35 according to The National. That fall was prompted by reports that European Union countries and International Energy Agency members were considering releasing stockpiles.

“Renewed US military deployments to the region kept the risk premium alive,” said Daniel Richards, senior economist at Emirates NBD.

Those deployments are expanding. Axios reported that Washington has sent two additional Patriot missile batteries to Saudi Arabia and Qatar and is moving a third carrier strike group into the region.

President Donald Trump said he was also considering renewed bombing, a threat that has hung over oil and Bitcoin markets for weeks.

Traders now confront the question of whether Bitcoin can break through $87,000 while the Strait of Hormuz remains under attack.