Bitcoin surged nearly 5% on Monday, climbing toward $69,000 as investors assessed the escalating conflict between the United States and Iran, which triggered sharp volatility across global markets.

Oil markets saw the most dramatic moves. Crude futures briefly surged as high as $119.48 shortly after midnight, marking their highest level since July 2022 and reflecting fears of supply disruptions tied to Middle East tensions.

However, prices quickly reversed. By Monday afternoon oil had plunged as much as 31% from its overnight peak, dropping to around $81 before rebounding near $88 at press time, highlighting the extreme volatility in energy markets since the outbreak of the conflict.

The sharp swings came as investors weighed the potential duration of the confrontation. Donald Trump signaled the US military campaign against Iran could be nearing completion, suggesting the operation was progressing faster than expected.

“I think the war is very complete, pretty much,” Trump told CBS News in a phone interview Monday, adding the military operation was “very far ahead” of its initial four to five week timeframe.

Traditional markets initially reacted cautiously. The S&P 500 and Nasdaq both fell about 0.5% earlier in the day, reflecting uncertainty around geopolitical risks and energy prices.

Equities later reversed course after Trump’s comments. By Monday afternoon, the S&P 500 was up about 0.8% on the day while the Nasdaq gained roughly 1.24%.

Crypto markets strengthened throughout the session. Bitcoin traded between $65,000 and $67,000 from Sunday into Monday morning, before climbing toward $69,000 following Trump’s remarks, showing resilience despite broader market turbulence.

Other major digital assets also advanced. Ether held above $2,000, Solana traded around $85, and XRP hovered near $1.37, as the broader crypto market moved higher alongside Bitcoin.