Iran Strikes Saudi Jubail: Tensions in the Strait of Hormuz Trigger a Bitcoin Drop and a Surge in Oil Prices

Gate News message: On April 7, Iran launched ballistic missile and drone attacks on the Saudi Arabia eastern Jubail Industrial City, triggering a major fire. Jubail is one of the world’s largest industrial centers and the core of Saudi Arabia’s petrochemical industry. Along with Yanbu, the two areas account for about 85% of Saudi Arabia’s non-oil export total. The attack took place just a few hours before the deadline set by Trump for the reopening of the Strait of Hormuz, further escalating tensions in the Middle East.

Meanwhile, Iran officially rejected the 15-point peace plan proposed by Washington, submitted a 10-point counterproposal, and demanded that any agreement must ensure security, permanently end the war, withdraw Israeli forces from Lebanon, and fully lift sanctions against Iran. Tehran proposed reopening the Strait of Hormuz in exchange for transit fees—$2 million per ship—split between Iran and Oman, to be used for reconstruction rather than war reparations. This shows that Iran is seeking to consolidate its advantages in negotiations.

In a social media post, Mahdi Mohammadi, a strategic adviser to Mohammed Bagher Ghalibaf, the speaker of Iran’s parliament, said Iran has publicly “won” the war and will only accept an outcome that consolidates its gains and establishes a new security mechanism. He warned that Trump has only about 20 hours to choose to surrender, otherwise his allies could face significant losses. Polymarket data shows the probability of a recent U.S.-Iran ceasefire is only 3%, and the market expects the conflict will be difficult to ease in the near term.

The latest escalation has already had a clear impact on the market. On Tuesday’s early trading session, Bitcoin (BTC) fell by about 2% to around $68,500; Brent crude oil prices rose by more than 1%, breaking above $111 per barrel; gold and silver fell by 0.54% and 1.1%, respectively. However, major U.S. stock indices performed relatively steady, with the Nasdaq Composite, Dow Jones Industrial Average, and Russell 2000 all rising slightly.

The next few hours will determine whether Iran can enable a diplomatic breakthrough or whether it will trigger the infrastructure strikes Trump has promised. The Middle East situation could once again shock global energy, precious metals, and crypto markets.