Potential Closure of Strait of Hormuz by Iran Sends Digital Oil Memecoin Up 400%

Digital Oil Memecoin Rockets 400% Amid Iran’s Consideration to Close Strait of Hormuz

The digital oil memecoin (OIL) has surged more than 400% following escalating geopolitical tensions in the Middle East.

Iranian lawmakers have expressed strong support for potentially closing the Strait of Hormuz—a critical chokepoint responsible for about 20% of global oil shipments. While Parliament reached a unanimous consensus, the final decision lies with Iran’s Supreme National Security Council, as clarified by Tehran correspondent Saeed Azimi.

The threat to close this vital maritime route has rattled global markets, with analysts expecting Brent and WTI crude prices to spike significantly amid fears of supply disruptions. Such a closure could push oil prices into triple digits, heightening stagflation risks for oil-importing economies like the United States.

Against this backdrop, the digital oil memecoin (OIL), trading on Solana’s decentralized exchange Raydium, has seen its value skyrocket. Data from DEXTools.io shows a dramatic rise in OIL’s price versus the U.S. dollar.

The memecoin gained traction earlier this year after noted crypto skeptic Peter Schiff endorsed the concept of a digital oil asset on social media, fueling investor interest.

In a recent tweet, an account associated with the memecoin humorously remarked, “Fading the most geopolitically advantaged memecoin AND the ONLY coin endorsed by Peter Schiff himself? COULDN’T BE ME…. $OIL.”