According to CoinMeta, Trump has accused Iran of fabricating attacks and mine incidents involving ships in the Strait of Hormuz in order to drive up oil prices, which have now risen above $113 per barrel. Iran has warned that if commercial vessels continue to use the US-backed South Oman Corridor, it will attack US bases in the region. As tensions in the Middle East escalate, Bitcoin fell by nearly 4% within 24 hours, dropping to a low of $81,273. Trump stated on social media that Iran is creating false attack reports in an attempt to boost oil prices before the mid-term elections in the United States, and reiterated that Iran must not be allowed to acquire nuclear weapons.