Latest developments in the US-Iran war: The US military attacks Iran's Geshem Island hours before midterms
After two confrontations with the Iranian Islamic Revolutionary Guard ( IRGC ), the U.S. military attacked Iran's Geshem Island and the nearby coastal areas.
As tensions around the Strait of Hormuz intensify, Brent crude oil has rebounded, and markets are concerned that global oil supply may be affected.
Before the results of the U.S. presidential election were announced, as investors became more cautious, Bitcoin fell by 2.18% to trade at $76,416.
Hours before the mid-term elections on November 3, the US military conducted airstrikes on Iran's Geshem Island and nearby coastal areas, including Bandar Lenge ( Bandar Lengeh ).
Previously, the Islamic Revolutionary Guards of Iran ( IRGC ) took action against an American fighter jet and a merchant ship near the Strait of Hormuz, which subsequently led to this strike.
The United States strikes IRGC targets on the island of Geshem
In a report, U.S. officials described this strike as a defensive action, due to two confrontations with the Iranian Islamic Revolutionary Guards on November 2nd.
In the first incident, the Iranian military launched an air-to-ground missile at an American fighter jet, which in turn counterattacked. Afterwards, the U.S. military intercepted another Iranian missile that was fired from the island of Qeshm and headed towards merchant ships in the Strait of Hormuz.
Subsequently, the United States struck targets near the islands of Greater Khormuz and Bandar Lengeh. These islands are home to multiple IRGC military facilities, including underground missile storage sites, naval bases, and coastal radar systems.
At the time of this strike, diplomatic efforts to end the war are still ongoing.
It is reported that Qatar has submitted a new peace proposal to Tehran, covering issues such as the Strait of Hormuz, U.S. sanctions, frozen Iranian assets, and Iran's nuclear program. The agreement aims to end the conflicts involving Iran, the United States, and Israel.
Meanwhile, Iran's security chief, Mohammad Rezaei ( Mohsen Rezaei ), described Washington's recent rhetoric as "a very good sign." This indicates that despite the latest military actions by the United States, diplomatic negotiations are still progressing.
Hormuz worried about a rebound in Brent crude oil prices
After news of U.S. airstrikes emerged, oil prices recovered some of their losses from the week earlier, due to market concerns about disruptions in shipping. Iran's Geshem Island is located directly above the Strait of Hormuz, which is a vital passage for about one-fifth of the world's oil shipments.
After the announcement of the air raid, Brent crude oil prices rose by about 2.21% to $106.98 per barrel, following a previous close-down of 7.63% at $104.77.
Bitcoin Falls to $76,000; Crypto Market Turns Prudent
As investors assess geopolitical risks and await the results of the U.S. presidential election, the crypto market is also facing selling pressure. Bitcoin has fallen by 2.18% in the past 24 hours, trading at $76,816.75, while the broader crypto market has declined by 1.96%.
Institutional demand has also increased the pressure. On November 2, the US spot Bitcoin ETF recorded a net outflow of $398.6 million, continuing the recent trend of capital withdrawal.
Bitcoin is currently testing the support range of $76,700. If this area is held, it could create room for a rebound to $78,000; however, if the four-hour closing price falls below $76,400, there is a possibility of a decline towards the 50-week moving average of around $75,602.
Investors are still paying attention to the U.S. employment report released on November 6th in order to obtain the latest signals regarding the economy and interest rates.
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