Bitcoin price forecast as oil explodes to near $120 amid Iran war

Bitcoin price hovered near $67,000 as oil jumped to near $120 per barrel, while stocks slid amid growing investor concerns over global petroleum supply disruptions.

Notably, Bitcoin traded around the $67k level after retesting lows of $66k late Sunday.

While the crypto bellwether has bounced off the low, it’s lost all gains seen last week when prices rose to $74,000.

The losses mirror action across equities, with US stock futures plunging as markets start the week on a negative footing amid an explosion in oil prices.

Asian markets also fell.

In early trading on Monday, oil prices rose past $115, with experts pointing to a potential spike to $150 a barrel amid the Iran conflict.

The skyrocketing oil prices are raising jitters around the impact on the US economy, and thus near-term performance across risk assets.

Trump on oil price surge

As of writing, US crude had jumped more than 27% to above $116 per barrel.

This is the first time US oil prices have broken above the $100 level since Russia invaded Ukraine in 2022.

Notably, US oil prices hovered below $60 per barrel at the start of 2026.

The surge comes as leading producers slash output amid the escalating Iran war.

In the past week, countries like the UAE and Kuwait moved to cut output amid the Strait of Hormuz standoff.

The world is now experiencing its sharpest oil supply shock, with over 20 million barrels down daily.

But despite the exploding oil prices, Trump says it’s a “small price” to pay for peace.

“Temporary oil price hikes are a small price for US and world security. Prices will drop fast once Iran’s nuclear threat is gone. Only fools think otherwise,” President Trump posted on Truth Social.

Trump has also said he will decide when the attacks on Iran end, having earlier noted that the US will have a say in who becomes the next leader of Iran.

What next for Bitcoin?

BTC could dip alongside stocks to year-to-date lows.

Analysts have previously noted $50,000 as a key level.

What happens next across the world could shape Bitcoin's short term price trajectory.

Defiance amid the Iran conflict and oil-driven macro fears may allow for consolidation.

Institutional demand showed last week as ETF inflows bounced, with $568 million in inflows between March 2 and March 6.

Overall, inflows have seen the market snap recent exits.

A broader "digital gold" narrative also positions BTC as a hedge against fiat debasement, especially as oil spikes threaten global inflation.

In this case, price could rebound to above $70k and target the $75k-$80k level.

Still, the path with the least resistance appears to be lower as traders ponder the global geopolitical tensions.