Brent crude climbed almost 4% as worsening U.S.-Iran tensions pushed oil prices higher, while Asian chip stocks remained under pressure after Friday’s market disruption linked to China’s latest AI breakthrough.

Bitcoin hovered around $64,000 on Monday as traders balanced the impact of rising oil prices from geopolitical risks with ongoing concerns in the equity market following the release of Moonshot AI’s newest Kimi model, which sparked a sharp selloff last week.

The top cryptocurrency traded near $64,200, staying mostly flat during the session while remaining up about 3% over the past seven days. Trading volume reached approximately $18 billion. Ether continued its recent strength, trading around $1,860 and gaining 5% over the same period, making it the strongest performer among major cryptocurrencies.

Other leading tokens showed limited movement. XRP held near $1.09, Solana remained around $76, BNB slipped slightly to $565 and dogecoin stayed close to $0.07. Hyperliquid’s HYPE was the main decliner, dropping 10% over the week to $60 as investors maintained a cautious stance toward riskier assets.

Energy markets remained in focus, with Brent crude rising to $91.42 per barrel, its highest level since June. The increase followed expanded U.S. and Iranian strikes, reviving inflation concerns that had eased after recent softer U.S. economic data.

Technology stocks continued to recover from Friday’s AI-driven selloff. Moonshot AI’s Kimi K3 model, a Chinese open-weight AI system that performed strongly on a major coding benchmark, raised concerns over the competitive landscape of the AI industry and triggered losses across semiconductor shares, which also weighed on crypto markets.

The fallout carried into Asian markets on Monday, with South Korea’s Kospi falling 3.5% as trading resumed after a holiday. U.S. stock futures showed signs of stabilization, with Nasdaq 100 futures up 0.5%, though investors remained focused on the potential impact of China’s AI progress.

For bitcoin and other digital assets, the market is being pulled in opposite directions. Higher oil prices linked to geopolitical tensions could increase inflation risks and influence expectations for Federal Reserve policy, while weakness in AI-related stocks has affected semiconductor companies that have recently moved alongside bitcoin.

The focus this week shifts toward corporate earnings rather than economic releases. With a lighter macro calendar, investors will closely watch reports from Alphabet, Tesla and Intel for indications of whether AI investment remains on track.

After last week’s volatility in artificial intelligence and semiconductor stocks, upcoming earnings will provide a key test for the sustainability of AI spending and the continued shift of crypto mining companies toward AI-focused data center operations.