Digital Oil Memecoin Surges 400% Amid Iran’s Threat to Close Strait of Hormuz
The digital oil memecoin (OIL) has exploded in value, soaring over 400% as geopolitical tensions escalate in the Middle East.
Iranian lawmakers have voiced strong support for shutting down the Strait of Hormuz—a vital shipping lane that handles roughly 20% of the world’s oil exports. While the Iranian Parliament reached a unanimous agreement on the move, Tehran correspondent Saeed Azimi clarified that the ultimate decision rests with Iran’s Supreme National Security Council.
The potential closure has sent shockwaves through global markets, with expectations of a sharp rise in Brent and WTI crude prices. A disruption here could push oil prices into triple-digit territory and increase stagflation risks for oil-importing countries like the U.S.
In the midst of this turmoil, the digital oil memecoin (OIL), traded on Solana’s decentralized exchange Raydium, has seen a dramatic price rally. Data from DEXTools.io confirms the token’s surge against the U.S. dollar.
The memecoin’s rise follows an endorsement earlier this year from crypto skeptic Peter Schiff, who publicly supported the idea of a digital oil asset on social media, drawing attention and investment to OIL.
In a recent tweet, an account linked to the memecoin joked, “Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by Peter Schiff himself? COULDN’T BE ME…. $OIL.”
