Oil prices spike on Middle East geopolitical tensions while crypto assets struggle against rising interest rate expectations.
Brent crude oil prices surged over 11% in five days following attacks on a Saudi pipeline and other Middle East infrastructure.
Bitcoin opened lower and faces headwinds from rising rate-hike expectations, which are expected to cap crypto price growth.
Ethereum opened 2% lower and, like Bitcoin, is pressured by the increased likelihood of a Fed rate hike this week.
Global oil prices rallied over 11% this week following infrastructure attacks in Saudi Arabia. Meanwhile, Bitcoin and Ethereum face downward pressure as market expectations for a Federal Reserve rate hike this week climbed to 86.5%.
Oil prices have surged over 11% in the last five days due to reported attacks on a Saudi Arabian pipeline and other regional infrastructure.
Higher interest rates generally increase the cost of capital and reduce investor appetite for risk-on assets like Bitcoin and Ethereum, often capping their price growth.