Iran war commodities markets moved well beyond crude in June 2025, after Israel’s strike on Iranian targets triggered a flight into gold, a selloff in copper, and a sharp swing in Bitcoin sentiment that mattered for traders across Asia as much as it did in New York or London.
TLDR Keypoints
- Iran war commodities markets hit oil first: Brent crude jumped 7.63% to $74.65 a barrel on June 13, while WTI rose 7.91% to $73.42 after the first strike headlines.
- The shock spread into metals: Gold traded around $3,426 an ounce, copper dropped to $9,573 per metric ton, and aluminium later reflected Strait of Hormuz shipping risk before easing on ceasefire news.
- Crypto tracked the same risk cycle: Bitcoin fell during the initial panic, then recovered above $105,000 after the June 24 ceasefire announcement, showing how commodity volatility and crypto sentiment were moving together.
Israel said it launched Operation Rising Lion on June 13, 2025, targeting Iranian nuclear facilities and other military assets, according to an official statement from Israel’s foreign ministry. That statement is the clearest verified trigger in this market story, because the sharp repricing across oil, metals, and crypto followed immediately after it.
How the Iran Conflict Moved Gold and Metals Alongside Oil
Oil took the first blow. Reuters, as cited by CNBC, reported Brent crude rose $5.29, or 7.63%, to $74.65 a barrel after the strike news, while WTI climbed 7.91% to $73.42. Energy analyst Saul Kavonic said the attack had “heightened the risk premium further.”
Gold moved in the opposite direction for a simple reason: traders wanted protection, not growth exposure. The Guardian reported gold trading around $3,426 an ounce as investors rushed into safe havens, the same pattern seen when global macro stress suddenly dominates trading screens.
Industrial metals did not behave like gold because they carry more direct exposure to growth, manufacturing demand, and supply-chain risk. Reuters reported LME three-month copper fell 1.3% to $9,573 per metric ton on June 15 as investors sold risky assets after Israel’s attack on Iran.
That reaction did not disappear immediately. Reuters later reported copper at $9,657.50 on June 19, with traders still focused on the Israel-Iran conflict, which supports the narrower but defensible conclusion that the spillover was strongest in gold and base metals, not yet across every commodity complex.
Aluminium showed the logistics side of the story more clearly. Reuters reported, via Zawya, that LME aluminium hit a three-month peak before easing once the June 24 ceasefire reduced the immediate threat to Strait of Hormuz shipping, a key route for Middle East producers. Gold rose because investors wanted safety; aluminium reacted because shipping disruption could squeeze physical supply.
For Southeast Asian readers, that distinction matters. ASEAN economies are sensitive to imported fuel costs and trade-route disruptions, so a commodity shock centered on oil, metals, and shipping can travel quickly into regional inflation expectations, refining margins, and risk appetite even when the original conflict is far away.
Why Bitcoin Traders Are Watching the Same Geopolitical Shock
Bitcoin did not trade like gold during the first phase of the crisis. Bloomberg reported the token dropped as much as 3% intraday on June 13 before stabilizing around $105,600, showing that traders treated it more like a liquid risk asset than a pure shelter.
The mood changed when de-escalation headlines arrived. CNBC reported Bitcoin moved back above $105,000 on June 24 after President Donald Trump announced a ceasefire between Israel and Iran, while ether rose above $2,400 and XRP reached $2.19. That rebound matched the wider shift from panic to relief across markets.
The contrast with gold is useful. Gold caught a direct safe-haven bid as fear rose, while Bitcoin first absorbed risk-off selling and only then benefited when headline risk cooled. For regional traders using platforms such as Indodax, Tokocrypto, Coins.ph, or Upbit’s broader Asian flows as sentiment guides, that makes Bitcoin a fast geopolitical barometer rather than a reliable hedge.
The same pattern also helps explain why related crypto moves have felt more tactical than structural. If panic fades, capital can return quickly to higher-beta assets, similar to the rebound seen in other recent crypto moves such as ether’s ETF-led strength and XRP’s institutional-demand narrative, but this article’s verified evidence remains strongest on Bitcoin’s reaction to escalation and ceasefire headlines.
What Markets Need Next to Confirm a Broader Commodities Shock
The current evidence supports a cross-asset story, but it is still a careful one. Verified pricing shows the June shock hit oil, gold, copper, aluminium, and crypto; it does not yet firmly prove the same scale of disruption in LNG, fertilizer, or agricultural commodities.
Three signals matter next. The first is Strait of Hormuz shipping risk, because any renewed threat there would extend the shock into a wider set of energy and materials markets. The second is whether copper and aluminium resume climbing or falling sharply on new headlines, which would show traders still expect disruption rather than normalization.
The third is Bitcoin itself. If fresh escalation brings another fast selloff, the June pattern stays intact. If Bitcoin holds steady while gold rises, the market may be starting to treat crypto as more resilient to geopolitical stress than it did on June 13.
In a de-escalation scenario, ceasefire language holds, shipping routes remain open, and the risk premium across metals and crypto continues to unwind. In an escalation scenario, renewed strikes or transport disruptions would likely push gold higher again, keep oil volatile, and renew pressure across industrial metals and digital assets.
The Economist’s framing, that the Iran war was roiling commodities markets far beyond oil, is directionally supported by the verified moves in gold and base metals. Harder data is still needed before that claim can be extended confidently to the full commodity complex.
Disclaimer: This article is for informational purposes only and does not constitute financial advice or investment advice.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
