U.S. Cancels Iran Oil Exemption, Crude Surges 5%; Middle East Risk Weighs on Risk Assets

According to BlockBeats, on July 8, the U.S. cancelled Iran's oil sales exemption and expanded military strikes, driving crude prices up approximately 5% as markets repriced energy supply uncertainty. U.S. military elevated shipping threat levels in the Strait of Hormuz to "critical," intensifying risks to global energy transport as Iran strengthens its control claims over the waterway.

The escalation triggered broader market volatility. Nasdaq-100 volatility reached two-decade highs with concentrated AI trading, prompting Wall Street institutions to increase hedging via options and rotate toward defensive sectors. Bitcoin remains range-bound amid the macro turbulence, with key liquidation zones at $60,000, $62,500, $64,300, and $67,700, as investors monitor geopolitical developments and crude prices.