US forces have been conducting airstrikes against Iranian military targets for several hours, marking what appears to be the third consecutive night of operations against one of the world’s most significant oil-producing nations.

ABC News confirmed the strikes on July 14, citing a US official. US Central Command (CENTCOM) previously disclosed that approximately 90 Iranian military targets were hit on the nights of July 7 and 8 alone, with around 80 more struck the following night, including over 60 Iranian Revolutionary Guard Corps (IRGC) small boats.

What’s being targeted and why

The US military campaign has focused on a broad spectrum of Iranian military infrastructure. Air defense systems, missile and drone sites, naval assets, and logistics facilities have all been in the crosshairs.

The Iranian Health Ministry reported at least 14 fatalities and 78 injuries from the strikes over two days, primarily among military personnel. Iranian state media indicated that defensive countermeasures were deployed in response, though details on their effectiveness remain unclear.

The catalyst for this escalation traces back to a reinstated US naval blockade. Washington moved to reassert control over the Strait of Hormuz after previous Iranian attacks on commercial shipping in the waterway. Roughly a fifth of the world’s oil supply passes through the Strait of Hormuz on any given day.

What this means for crypto investors

Energy prices have a second-order effect on crypto, particularly for proof-of-work networks. Higher energy costs directly impact Bitcoin mining profitability, potentially squeezing margins for miners and affecting network hash rate distribution.

The key metrics to watch in the coming days: Bitcoin’s correlation with gold versus its correlation with the Nasdaq, stablecoin trading volumes in Middle Eastern markets, and whether institutional flows into Bitcoin ETFs accelerate or reverse.