Bitcoin quickly pulls back to $72,300 as Iran fears team up with poor U.S. inflation data The price of oil moved higher after reported attacks against Iran's South Pars gas field. Mar 18, 2026, 12:50 p.m. Quiet bitcoin BTC $74,191.24 price action in the $74,000 area was shattered Wednesday morning on reports of military escalation in Iran and then February inflation data that came in far stronger than expected. The declines started as U.S. President Donald Trump struck a more aggressive tone on Iran, suggesting further escalation in a series of Truth Social posts and calling the country the "NUMBER ONE STATE SPONSOR OF TERROR." Alongside, Iran's state TV reported that part of that country's South Pars gas field was attacked. This followed reports that Israel killed Iran’s Intelligence Minister Esmail Khatib, while the U.S. deployed 5,000-pound bunker-buster bombs targeting missile sites near the Strait of Hormuz, a key route for global oil flows. That news combined to send the price of WTI crude oil from as low as $92 per barrel overnight to nearly $96. Minutes later, the U.S. Producer Price Index for February rose 0.7% versus just 0.3% expected and up from January's 0.5%. The core PPI rose 0.5% versus 0.3% expected, though down from January's 0.8%. Importantly, the disturbing inflation data is from prior to the attacks against Iran and the subsequent sharp rise in the price of oil. The data complicates the outlook for rate cuts, especially with oil prices still elevated, and is weighing on risk assets ahead of the U.S. stock market open. Bitcoin has now fallen to $72,300, down 2% over the past 24 hours. Declines for ether (ETH), solana (SOL) and XRP (XRP) are closer to 3%. U.S. stock index futures have swung from solid gains to declines of about 0.4% across the board. Fed comes later Later in the day, the U.S. Federal Reserve is widely expected to hold rates steady, shifting the focus to Chair Jerome Powell’s messaging and how policymakers interpret the recent mix of growth risks and inflation pressures. Trump once again renewed calls for rate cuts in a Wednesday post , adding a political dimension to the meeting. More For You Bitcoin’s rally runs into 'sell the news' risk ahead of Fed decision 2 hours ago Two Prime data shows post-meeting weakness dominates, even as markets price a Fed hold and limited rate cuts ahead. What to know: Bitcoin has fallen after seven of eight 2025 FOMC meetings, highlighting a consistent “sell the news” pattern despite varying policy outcomes. Futures markets price just one 25 bps cut this year, while rising oil prices and geopolitical tensions risk keeping inflation elevated and limiting Fed flexibility Read full story