Bitcoin gains, oil pulls back from 25% spike as G7 discusses emergency reserve release

Crude oil futures, particularly tokenized contracts on Hyperliquid, sharply retreated from a surge exceeding 25% after reports indicated that G7 finance ministers would discuss a coordinated release of emergency oil reserves through the International Energy Agency (IEA). This discussion was prompted by escalating conflict involving Iran, which led to a 60% drop in Iraq's oil output and disruption in Strait of Hormuz traffic, pushing oil prices to a high of $118. Bitcoin simultaneously rose above $67,300, reversing earlier losses. The potential G7 reserve release, which would be the most significant coordinated intervention since 2022, aims to cool the price surge, though its effectiveness depends on the scale and duration of the supply disruption. Furthermore, the article notes that while the U.S. is relatively insulated due to its status as a net oil exporter, prolonged spikes could eventually impact American inflation.

(Source：CoinDesk)