Brent crude punched through $90 a barrel on July 20, hitting $90.42 as the US-Iran standoff entered its tenth consecutive day with no signs of cooling off. That’s a gain of more than 2% in a single session and a staggering 30% climb from where oil sat at its July lows.

What’s driving the surge

A fragile truce established in June between the US and Iran disintegrated, leading Washington to reinstate a naval blockade of the Strait of Hormuz. Roughly 20% of the world’s oil passes through that narrow waterway. US military operations have targeted Iranian infrastructure, and Iran has retaliated with actions that directly threaten oil supply chains in the region. The conflict originally ignited with strikes earlier in 2026, pushing Brent to peaks near $120 before the now-defunct June ceasefire brought prices back down. Following the ceasefire, oil prices had stabilized around $70 to $75.

The crypto ripple effect

Bitcoin dipped alongside the oil surge. Earlier this year, when the June ceasefire was announced, digital assets rallied as oil retreated from those $120 highs.

One interesting development worth watching: crypto traders have increasingly turned to Hyperliquid, a decentralized perpetuals exchange, to bet on or hedge against oil price fluctuations.

What this means for miners and the broader market

Analysts suggest that miners are actually more sensitive to BTC price volatility itself than to the marginal increase in electricity costs driven by an oil shock. Most large-scale mining operations have locked in power purchase agreements or are located in regions where electricity generation isn’t heavily dependent on oil.