Bitcoin price slides as oil surges above $100 after Trump Iran speech

Oil climbed back above $100 on March 1, trading at $103.59 a barrel, while Bitcoin slipped 2% to $66,904. The market reaction followed President Donald Trump’s national address on the Iran conflict from the White House.

In the speech, Trump indicated the U.S. military is very close to completing Operation Epic Fury and warned that Iran would be hit “extremely hard” over the next two to three weeks. He asserted that American forces had eliminated Iran’s nuclear and naval capabilities and had degraded its drones, missiles, and weapons factories. Talks with Iran are continuing, he noted, but further strikes remain on the table if no agreement is reached.

Oil had eased on Tuesday after Trump signaled the war could wrap up within weeks, then reversed higher following the address. Bitcoin fell about 1% during the speech and extended losses to a 2% decline afterward. Trump predicted stock prices would recover as the conflict winds down and projected lower gasoline prices if shipping lanes reopen.

He outlined U.S. conditions for ending hostilities, including Iran dismantling its nuclear programs, reopening commercial shipping channels, and halting support for regional proxy groups. In his remarks, Trump also described Iran’s demands as a permanent end to the war, compensation for damages, and a withdrawal of U.S. forces from the region.

JPMorgan’s latest research suggests that, during the Iran crisis, Bitcoin has held up better than gold and silver.

Tensions escalated in February after the U.S. and Israel launched strikes against Iran, and Iran responded by leading a blockade of the Strait of Hormuz, a key route for global oil shipments. Trump argued the strait would reopen once fighting subsides, saying Iran would need to resume exports to rebuild its economy. “And in any event, when this conflict is over, the strait will open up naturally. It’ll just open up naturally. They’re going to want to be able to sell oil because that’s all they have to try and rebuild,” he stated.

“We are on track to complete all of America’s military objectives shortly,” Trump told the nation. “Very shortly, we are going to hit them extremely hard over the next 2 to 3 weeks.” He added that oil flows could resume and markets could stabilize if a settlement is reached.