Oil rallies toward $108 on geopolitical uncertainty while Bitcoin slips below $83,000 as traders price in potential Federal Reserve interest rate hikes ahead of key economic data releases.
Brent crude oil prices climbed toward $108 per barrel as stalled Iran talks fueled supply concerns. Simultaneously, cryptocurrency markets faced a sharp sell-off, with Bitcoin dropping below $83,000 and Zcash leading losses as investors braced for upcoming U.S. inflation and jobs data.
Oil prices are supported by geopolitical supply risks stemming from stalled Iran talks, while crypto assets are suffering from a broader risk-off sentiment as traders prepare for potential Federal Reserve interest rate hikes.