Oil Extends Fall After Saudi Exports Surge: Why Are Bitcoin and Gold Rallying?
The oil price fall deepened on Thursday as WTI crude slipped below $68 for the first time in 125 days. Meanwhile, Bitcoin (BTC) climbed more than 5% to levels above $61,500, and gold extended gains beyond $4,000.
Recovering Saudi shipments through the reopened Strait of Hormuz have erased much of crude’s war premium. Prices had climbed above $110 at the height of the conflict.
Why the Oil Price Fall Deepened
Saudi Arabia is shipping its most crude through the Strait of Hormuz since the US-Iran truce reopened the waterway. Four supertankers operated by national carrier Bahri reportedly exited the Gulf with roughly 8 million barrels.
SAUDI OIL EXPORTS SURGE AFTER HORMUZ REOPENSSaudi Arabia is shipping its most crude through the Strait of Hormuz since the U.S.-Iran truce reopened the waterway.Four Bahri supertankers carrying about 8 million barrels have exited the Gulf, signaling higher exports. The…
— *Walter Bloomberg (@DeItaone) July 2, 2026
The recovery is steep. Exports had slumped to about 4 million barrels per day during the fighting, down from more than 7 million in February. They are again approaching the pre-war pace of 6.3 million barrels per day recorded in Argus data.
During the closure, Riyadh kept roughly half its exports flowing by diverting cargoes to Red Sea ports. Saudi Aramco has since resumed loadings at Ras Tanura, the world’s largest oil terminal, after a near four-month halt.
Shipping analytics firm Kpler estimates strait traffic has recovered to about 40 vessel crossings per day. Neighboring UAE flows have already returned to pre-war levels.
The stakes are global. The waterway handles roughly 20% of seaborne oil trade, according to the EIA. Consequently, WTI now trades below its level when US strikes on Iran began in late February.
However, the 60-day truce roadmap remains interim, and insurers stay cautious on Gulf shipping.
Bitcoin and Gold Move the Other Way
Bitcoin gained over 5% over the past 24 hours to trade near $61,649 as of this writing. Cheaper energy and fading geopolitical fear are reviving appetite for risk assets. Falling crude also cools inflation expectations, an added support for risk-taking.
The bounce extends signs that Bitcoin selling pressure was already easing before the truce. Equities tell a similar story, with nearly 60% of S&P 500 stocks carrying record Buy ratings as tensions cool.
Inflation worries have not vanished, though. San Francisco Fed President Mary Daly noted the AI investment shock has markets asking if it will fuel inflation.
FED'S DALY: AI INVESTMENT SHOCK HAS PEOPLE WONDERING IF IT WILL BE INFLATIONARY; PRODUCTIVITY GAINS COULD RISE EXPONENTIALLY DUE TO AI
— Wall St Engine (@wallstengine) July 2, 2026
That helps explain gold’s resilience. The metal traded near $4,119, with an intraday push toward $4,140, and remains well below January’s record above $5,500.
However, bullion is still up more than 22% over the past year. Investors continue to hold it as an inflation and geopolitical hedge.
The divergence suggests markets are pricing a durable supply recovery while still hedging the truce’s fragility.
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