Bitcoin Rejected at $84K as Brent Crude Tops $107

Bitcoin gave back its early-week gains into Monday’s Wall Street open, sliding 2.2% from a high of $84,254 as oil prices climbed on fresh energy strikes in Ukraine and the Middle East.

Oil jumps on Ukraine and Hormuz strikes

BTC/USD hit $84,254 on Bitstamp, its highest level since Wednesday, before turning back toward $82,000.

The pullback came after Ukrainian President Volodymyr Zelensky accused Russia of hitting six energy facilities, just hours after US President Donald Trump announced an “energy ceasefire” between the two countries.

Zelensky told Fox News:

“We did not attack, while Russia attacked our gas stations, energy infrastructure, and other facilities.”

At the same time, Iran reported that an oil tanker had been struck and was ablaze in the Strait of Hormuz.

WTI crude spiked past $94 per barrel, while Brent reached $107.25, its highest level since Sept. 16.

Inflation data looms

The jump in oil comes ahead of US Consumer Price Index data on Wednesday and Producer Price Index figures on Thursday, with CPI having proven particularly sensitive to rising energy costs.

Robin Brooks, former chief FX strategist at Goldman Sachs, argued that oil markets had priced in too much risk premium given improving tanker traffic out of the Gulf.