Bitcoin climbed to its highest level in almost two weeks as escalating Middle East tensions rattled equity markets and pushed oil prices sharply higher.

The world’s largest cryptocurrency rose about 2.6% to around $71,500, its strongest level since March 6, according to data from CoinGecko. The rebound comes after earlier losses following the escalation of hostilities involving United States, Israel, and Iran on February 28.

Market uncertainty has intensified amid concerns over potential disruptions in the Strait of Hormuz, a narrow waterway that carries roughly one-fifth of global oil shipments.

Meanwhile, Donald Trump said preventing Iran from acquiring nuclear weapons is a higher priority than stabilizing oil prices.

His remarks came as Brent Crude surged 9.2% to close above $100 per barrel for the first time since the Russian invasion of Ukraine. The jump marked the benchmark’s biggest single-day gain since the early phase of the COVID-19 pandemic.

Nic Puckrin said prolonged oil shocks historically weaken Bitcoin because they tighten global liquidity.

However, he noted that markets currently expect limited long-term disruption, suggesting investors believe the oil shock could be temporary. If the crisis deepens and liquidity tightens, Bitcoin’s gains could come under pressure.