Bitcoin held above $62,000 after renewed United States and Iran hostilities slowed traffic through the Strait of Hormuz, pushing oil prices higher and reviving inflation concerns. Data from CryptoSlate showed Bitcoin trading near $63,000 on Thursday, maintaining a level watched since a June selloff. Brent crude rose 5.2% to $78.02 per barrel, its highest close since June 19, while US crude also climbed and equity and bond markets reflected worries that higher energy costs could sustain elevated inflation. The escalation followed two consecutive days of US strikes on Iranian targets and Iranian retaliatory attacks, which killed 14 people according to Iran’s health ministry. President Donald Trump announced the strikes on Truth Social, saying they were retaliation for attacks on vessels and warned of a stronger response if Iran acted further. The Strait of Hormuz, a critical conduit for oil and liquefied natural gas, saw four tankers turn back, including three empty LNG carriers bound for Qatar’s Ras Laffan terminal, and traffic slowed sharply, with only one tanker observed moving earlier in the day. Shipowners have begun avoiding the route, insurers may raise costs, and reduced vessel flow could tighten energy markets. Ole Hansen, head of commodity strategy at Saxo Bank, said the disruption showed the Strait had not fully reopened and that the removal of geopolitical risk premium may have been premature. The slowdown reversed some of the relief seen after the recent ceasefire, supporting higher crude prices. Russia’s diesel export ban added pressure to global fuel markets. Higher oil prices raise transportation and production costs, increase inflation expectations, lift yields and make it harder for the Federal Reserve to consider easing policy, which could keep financial conditions tight for risk assets. Bitcoin’s price above $62,000 indicates limited immediate selling pressure, according to recent market activity. CryptoQuant analysts noted that Brent crude moving above its annual average historically coincides with tougher conditions for Bitcoin, though the link is not automatic. Sustained oil rallies can feed inflation expectations, raise yields and draw capital away from speculative assets, leaving Bitcoin vulnerable to the same liquidity and policy pressures that affected the market in June. A recovery in tanker traffic would reduce part of the crude risk premium and ease pressure on yields, while a prolonged slowdown would keep inflation concerns front and center for investors and could prompt funds to cut exposure to assets dependent on easier monetary conditions. Ultimately, Bitcoin’s hold above $62,000 indicates the market has not yet treated the renewed conflict as a reason to sell aggressively, but the level is not a clear floor while oil prices remain elevated and Strait of Hormuz traffic stays disrupted.