Bitcoin's price action was disrupted by reports of military escalation in Iran and rising inflation data, which led to a surge in the Producer Price Index for February, which was higher than expected. This followed reports that Israel killed Iran’s Intelligence Minister, while the U.S. deployed 5,000-pound bunker-buster bombs near the Strait of Hormuz, a key route for global oil flows. The news led to the price of WTI crude oil rising from $92 per barrel overnight to nearly $96. The Federal Reserve is expected to maintain its current policy on interest rates, but this uncertainty could complicate the outlook for rate cuts.