Bitcoin fell to its lowest level since April 13 on Thursday as U.S. airstrikes in the Strait of Hormuz dashed ceasefire hopes and sent a chill through risk assets globally.

The largest cryptocurrency is currently trading near $73,400, down around 1.2% since midnight but above the day’s low it hit around 6:30 UTC. Ether ($ETH), meanwhile, slipped below $2,000 for the first time since March 29, shedding 1.5%.

The immediate catalyst was a spike in oil prices. Crude jumped to $96 a barrel from $92 before settling at $94 during the European morning, a move that stoked fresh inflation concerns across markets.

U.S. equity index futures are also feeling the pressure, with S&P 500 and Nasdaq 100 derivatives down 0.11% and 0.25%, respectively,…