Iran has launched ballistic missiles from sites in Tabriz and Urmia, escalating tensions in a region already fraught with conflict. These strikes are a continuation of military confrontations involving Iran, Israel, and the United States that have persisted since the Twelve-Day War in June 2025.

The Twelve-Day War, which occurred between June 13 and June 24, 2025, involved Iran firing hundreds of missiles and drones at regional targets, including areas in Jordan. A ceasefire was declared on June 24, but hostilities have resumed with significant military exchanges since then. On February 28, 2026, Israeli and US forces targeted Iranian missile and nuclear sites, leading to further retaliatory strikes from Iran on Gulf territories.

Military Impact and Infrastructure

Tabriz and Urmia are strategically important, hosting key military installations of the Islamic Revolutionary Guard Corps (IRGC). These sites have been previously attacked during earlier conflicts, making them significant both as launch points and targets. Reports indicate a large exchange of ordnance, with hundreds of missiles and drones involved in recent confrontations.

Unusually, the broader crypto markets have not reacted to these military actions. In prior incidents such as the killing of Iranian General Qasem Soleimani in January 2020, Bitcoin experienced a sharp increase. Similarly, during Russia's invasion of Ukraine in February 2022, crypto initially declined before making a recovery.

Broader Market Implications

The absence of a reaction in the crypto sector contrasts with historical trends where geopolitical tensions typically translate into risk asset fluctuations. Oil markets are more significantly impacted, reflecting how Middle Eastern conflicts can influence wider financial conditions. Rising energy prices can drive inflation, which in turn affects monetary policy and impacts risk assets, including cryptocurrencies.

Any sustained disruptions to energy infrastructures in the Persian Gulf could further exacerbate inflationary pressures, complicating efforts by central banks to stabilize economic conditions.

This material is informational and not a financial recommendation.