Digital Oil Memecoin Surges Over 400% Amid Iran’s Threat to Close Strait of Hormuz

An obscure cryptocurrency known as the digital oil memecoin (OIL) skyrocketed more than 400% following geopolitical developments in the Middle East.

On Sunday, Iranian lawmakers expressed strong support for blocking the strategically vital Strait of Hormuz, a move seen as retaliation to recent U.S. airstrikes on Iran’s nuclear facilities. Saeed Azimi, Tehran correspondent for France 24, clarified on X that while Parliament members reached a unanimous consensus in consultation, the final decision rests with the Supreme National Security Council. This statement came in response to various media reports, including from Al Arabia, claiming the Parliament had approved the closure.

The Strait of Hormuz is a crucial artery for global oil shipments, handling roughly one-fifth of the world’s oil trade. Any closure of this route could send oil prices soaring, potentially surpassing triple-digit levels, and raise stagflation concerns in oil-importing economies like the United States.

Market analysts anticipate Brent and WTI crude prices to open significantly higher on Monday as traders price in the risk of a supply disruption.

Meanwhile, the digital oil memecoin (OIL), listed on Raydium—a Solana-based decentralized exchange—has surged dramatically against the U.S. dollar, according to data from DEXTools.io.

In a 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.”

The token debuted earlier this year after prominent cryptocurrency skeptic Peter Schiff publicly supported the idea of a digital oil asset on X, sparking interest in the memecoin.