22.06.2025 14:11
Following recent US military strikes on Iranian nuclear facilities, Iranian lawmakers overwhelmingly favored a potential closure of the Strait of Hormuz, a vital global oil shipping lane, on Sunday. Saeed Azimi, Tehran correspondent for France 24, reported this significant development on X, clarifying that while parliament members unanimously supported the measure during consultations, the final decision rests with the Supreme National Security Council.
This strategically crucial waterway facilitates approximately 20% of the world's oil trade. A potential closure, therefore, presents a grave threat to global energy markets, with analysts predicting a sharp surge in oil prices, possibly exceeding $100 per barrel. Such an event would likely exacerbate stagflationary concerns in major oil-importing nations, particularly those with trade deficits, such as the United States. Consequently, Brent and WTI crude futures are anticipated to open considerably higher on Monday, reflecting this potential supply disruption.
Simultaneously, the cryptocurrency market witnessed a remarkable surge in a little-known digital asset: the OIL memecoin. Data from DEXTools.io indicates a phenomenal 400% price increase against the US dollar. Traded on the Solana-based decentralized exchange Raydium, this obscure token's dramatic rise correlates directly with the escalating geopolitical tensions surrounding the Strait of Hormuz.
Adding to the intrigue, an X account ostensibly affiliated with the OIL memecoin boasted about its performance, highlighting its connection to the geopolitical situation and an endorsement from prominent Bitcoin critic, Peter Schiff. This unexpected endorsement, coupled with the escalating tensions in the Middle East, seems to have fueled the token's extraordinary gains. The OIL memecoin, launched earlier this year after Schiff's public support for a digital oil token, has become an unlikely beneficiary of this geopolitical crisis. Its unexpected success demonstrates the complex interplay between global events and speculative cryptocurrency markets.
