EL7.AI
CryptoMediumUpdated×8•Originally published 13 April 2026•Updated 14 April 2026•
1 min read

Oil Breaks $100 as U.S. Initiates Blockade of Strait of Hormuz

Key Facts

1Iran may require oil tankers to pay tolls in Bitcoin (BTC) for passage through the Strait of Hormuz.
2Shipping through the Strait remains severely constrained despite a cease-fire due to high tolls and insurance costs.
3Geopolitical tensions are reshaping global trade routes and creating new use cases for cryptocurrencies.

Oil prices surged 8% past $100 per barrel following the U.S. blockade of the Strait of Hormuz, triggered by reports of crypto-based transit tolls. In a significant market shift, the total cryptocurrency market capitalization surpassed $2.6 trillion on April 14, as Bitcoin (BTC) reached a session high of $74,959. This rally occurred despite TRM Labs casting doubt on on-chain evidence of systematic payments and Jim Rickards suggesting XRP might be the asset in use. Altcoins such as Ethereum and RAVE also experienced a significant rally, contributing to the broader market surge. While the Dow Jones fell 350 points amid energy supply fears, the digital asset market remains resilient, nearing record levels. Investors are now weighing these geopolitical tensions against the massive liquidity flowing into the crypto ecosystem.