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The US-Iran war has intensified dramatically following joint airstrikes by the United States and Israel on Iranian targets, triggering widespread retaliation across the Gulf region. Explosions were reported in Tehran and multiple Iranian cities, while Iran launched missiles and drones toward Israel and US-linked military bases. The conflict quickly spread to Bahrain, the UAE, Kuwait, Saudi Arabia, Qatar, Jordan, and Iraq, raising fears of a broader regional war and shaking global financial markets, including cryptocurrency.
According to regional reports, a suspected Iranian drone hit a high-rise building in Bahrain amid strikes targeting US military assets. Authorities have not confirmed whether the building was the intended target. Bahrain also reported a missile attack aimed at the US Navy’s Fifth Fleet headquarters. In Kuwait, officials said Ali al-Salem Air Base faced ballistic missile threats, though air defenses intercepted incoming projectiles.
The UAE confirmed that missile interceptions caused debris to fall in populated areas, killing a Pakistani national. Explosions were heard in Dubai, and a fire reportedly broke out at the Fairmont The Palm hotel due to falling debris. The Burj Khalifa was evacuated as a precaution. Several Gulf nations temporarily closed their airspace as tensions surged.
Iran’s Islamic Revolutionary Guard Corps (IRGC) stated that US assets in the region are legitimate targets and claimed attacks on US bases and a radar station in Qatar. The IRGC also announced the closure of the Strait of Hormuz, a vital oil transit route carrying roughly 20 million barrels per day, prompting oil tanker disruptions.
As geopolitical tensions escalated, crypto markets reacted instantly. Bitcoin dropped from $65,500 to $63,000 before rebounding near $65,670, posting a modest 24-hour gain. Ethereum fell toward $1,800 before recovering above $1,900, while XRP also bounced back. Nearly $100 billion briefly exited the total crypto market cap, and $464 million in liquidations were recorded within 24 hours. Analysts warn that key levels of $60,000 for Bitcoin and $1,750 for Ethereum remain critical as volatility continues amid the ongoing US-Iran conflict.
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