The Oil Token (OIL) is up more than 24% over the last 24 hours as the U.S.-Iran tensions heated up

Oil Token (OIL) price increased by more than 24% over the last 24 hours as U.S.-Iran tensions heated up following the latest oil sanctions.

Launched on the Arbitrum blockchain, OIL is an oil-based token, meaning its value is tied to oil — specifically, the price of crude oil. This makes it a type of commodity-backed token.

The token has risen more than 47% over the last week and was trading at $0.0001141 at press time.

On Monday, President Donald Trump announced the introduction of immediate secondary sanctions on any country or individual that purchases any amount of oil or petrochemicals from Iran. Those violating the sanctions will not be allowed to do business with the U.S., he stated in a post on the Truth Social app.

"As of today, any country or entity that is buying oil or petrochemicals from Iran will not be able to do business in the U.S., and any country or entity doing business with the U.S. may not buy oil or petrochemicals from Iran. This sanction is being fully enforced," Trump wrote.

The former president added that the move comes as he is "working very hard to close the disastrous Biden administration deals with Iran and other countries in order to keep the U.S. out of war."

The president also shared an update on gas prices, claiming that they hit the "lowest in years" at $1.98 a gallon.

"The price of gas in the U.S. today is $1.98 a gallon, the lowest in years, and it is time for all countries to cooperate in keeping the price of oil low!" Trump wrote.

However, according to AAA data, the average gas price in the U.S. on Tuesday was $3.18 a gallon.

The Iranian regime is a leading sponsor of terrorism and its actions threaten the stability of the Middle East and the entire world.

— Donald J. Trump (@realDonaldTrump) May 1, 2024

Earlier this year, Trump shared an opinion on Bitcoin (BTC) and stated that the cryptocurrency is "interesting."

"I think it's interesting. It's something new. It's a form of money, which I like. I like making lots of money and I'm very good at it. It's something that could be good for our country and for the world. We'll see what happens," Trump said in an interview with former Fox News host Sean Hannity in March.

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