Bitcoin fell nearly 2% in just 15 minutes on Sunday while oil prices rose almost 20% as the escalating Middle East conflict prompted fears of a major supply shortage in the global energy market.

Data from decentralized derivatives platform Hyperliquid shows oil prices rose from $95 to $113.7 per barrel shortly after US futures markets opened, as Iraq warned that roughly 3 million barrels per day of production could be disrupted due to Iranian threats against tankers in the Strait of Hormuz.

It’s the highest price oil has reached since April 2022, a few weeks after Russia commenced its invasion of Ukraine, TradingView data shows. 

The price of oil rose more than 30% last week after the US and Israel struck Iran, leading the war-torn nation to counterstrike against several of its Middle Eastern neighbors.

Bitcoin (BTC) fell from $66,960 to $65,725 by 10:30 pm UTC on Sunday as US futures markets opened before bouncing back up to $66,272 at the time of publication.

Hyperliquid data also shows that oil prices have cooled off to $105 per barrel.

Bitcoin climbed during the Middle Eastern conflict last week, which saw the death of Iranian Supreme Leader Ayatollah Khamenei, rising from below $64,000 to $73,770 by Wednesday.

But since then, Bitcoin’s price has fallen over the last four consecutive days.