Analyst: Attack Unhindered Oil Supply, Iran Able to Save Face

BlockBeats News, June 24th: Iran's retaliatory strike on the U.S. base in Qatar was not as severe as investors feared, easing market concerns about an immediate disruption of Middle East supply and causing oil prices to fall. After Iran launched missiles at the U.S. base in Qatar, U.S. oil plummeted by 4%. Traders had previously feared that Iran's retaliatory response would involve closing the Strait of Hormuz, through which about one-fifth of the world's oil flows.

Although there were initial concerns that Iran would disrupt supply in retaliation against the U.S., such concerns have since eased. "To me, this seems to have been carefully choreographed; Iran struck an empty U.S. base, gave plenty of warning in advance, closed its airspace, and even provided evasion instructions," said Harry Tchilinguirian, Head of Commodity Research at Onyx Capital Group. "Iran made a symbolic response and steered clear of the Strait of Hormuz." (FXStreet)

As neither side has escalated the conflict into a larger-scale confrontation, both the cryptocurrency market and the U.S. stock market have rebounded in the short term.