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US strikes on Iran’s Qeshm Island rattle oil markets and test crypto’s geopolitical immunity

US strikes on Iran’s Qeshm Island rattle oil markets and test crypto’s geopolitical immunity

US warplanes struck Iran’s Qeshm Island in mid-July 2026, hitting Islamic Revolutionary Guard Corps military installations and triggering multiple explosions near one of the world’s most critical oil transit chokepoints. US Central Command confirmed the operation, which also involved naval vessels and drones targeting facilities in the broader Bandar Abbas area.

Qeshm Island sits at the mouth of the Strait of Hormuz, a waterway through which approximately one-fifth of the world’s seaborne oil passes.

What happened and why it matters

The strikes, which took place between July 13 and July 16, 2026, targeted IRGC assets that US officials said were being used to threaten commercial shipping lanes. Iranian sources…

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