Is Crypto's Weekend Drop a Preview of Monday? Houthis Target Riyadh, Trump Weighs Iran

Cryptocurrency markets absorbed a weekend of escalation in the Middle East alone. The global market cap fell by 4% to $2.76 trillion, while oil, bond, and equity markets remained closed. Houthi forces struck the Saudi capital Riyadh on Saturday.

The US has also warned that the conflict has “the potential to escalate rapidly.” Oil Closed Lower Before the Weekend Turned Traders spent last week concluding that Saudi supply risk had been overstated.

Brent crude settled at $103.87 on Friday, and West Texas Intermediate closed at $100.30, a third consecutive decline for both. That reading was priced in before Saturday. Yemen’s Houthis then said they attacked sensitive sites in Riyadh with missiles and drones.

Reuters photographed black smoke rising near the King Khalid International Airport. The Saudi-led coalition said its air defences destroyed a missile fired toward Riyadh early on Saturday. The Iran-backed group separately claimed a strike on an Aramco facility at Yanbu.