Bitcoin drops to $79,700 as US-Iran tensions boost oil prices

Bitcoin fell nearly 1% to approximately $79,700 as escalating tensions between the US and Iran drove oil prices higher. US Central Command confirmed strikes on three Iranian oil tankers, prompting warnings of further economic consequences from Admiral Brad Cooper. Oil prices rose 1% in Western markets, with WTI reaching $92.72, marking a cumulative gain of over 6% in the first week of September. Rising oil prices threaten to exacerbate global inflation, potentially complicating interest rate cut plans for central banks including the Federal Reserve. Market