According to BlockBeats and cited market data, oil prices rose from a 1% gain to sharper April 24 increases after Trump’s Strait of Hormuz statement and Tehran’s air defense activation, signaling heightened geopolitical risk.
Oil prices moved higher across April 23 and April 24 amid escalating geopolitical developments tied to the Middle East. According to BlockBeats, citing Bitget data, U.S. crude and Brent crude initially rose 1% on April 23 after Trump said he had ordered the Navy to sink any ship laying mines in the Strait of Hormuz. On April 24, the move intensified, with Brent crude rising above $101 per barrel and West Texas Intermediate gaining 4.67% after Tehran's air defense system was activated, though the source said the reason for that activation was unclear. While the reports do not describe direct crypto price reactions, such oil spikes are closely watched in digital asset markets because geopolitical stress, inflation expectations, and shifts in broader risk sentiment can affect trading conditions across risk assets.