TL;DR

Netanyahu accepted Trump's pressure — for now

Israeli TV channel N12 reported on Sunday that U.S. President Donald Trump, in a phone call, asked Benjamin Netanyahu not to respond militarily to Iran's missile attack against Israel, and that Netanyahu ultimately agreed — albeit reluctantly. According to the channel, Netanyahu attempted to push back against Trump's request during the call but ended up yielding to the pressure. The source stressed that it remains to be seen whether this will hold.

ForexLive analyst Adam Button commented that the situation looks grim from the outside, but that Trump may have access to information about the negotiating track that is not publicly known.

Netanyahu tried to protest, but ultimately accepted — albeit with no guarantee it will last

Markets responded immediately

News of a temporary Israeli restraint was enough to ease some of the risk aversion in U.S. futures. S&P 500 futures, which had opened down 0.6 percent, stabilized around minus 0.2 percent following the report, according to ForexLive.

Oil prices nevertheless remained elevated. WTI crude traded around $92.93 per barrel — up $2.38 on the day — indicating that the market continues to price in a significant geopolitical risk premium tied to the Middle East and potential disruptions to oil supply.

$92.93
WTI crude (bbl)
−0.2%
S&P 500 futures

Bitcoin and crypto: classic risk aversion

Bitcoin is trading as of June 7, 2026 at around $62,942, with a Fear & Greed Index of just 12 out of 100 — extreme fear territory. The cryptocurrency fell earlier in the day from above $62,000 to around $61,200 in the wake of fresh attacks, before partially recovering.

The pattern is familiar. According to market data from sources including CryptoPotato and TradingKey, Bitcoin fell nearly 6 percent in 45 minutes when news of U.S. and Israeli strikes on Iran broke on February 28, 2026 — dropping from around $70,000 to $63,000. This triggered forced liquidations of crypto positions worth an estimated $515 million.

James Butterfill, Head of Research at CoinShares, has previously noted that "geopolitics has been an important driver in recent months, which helps explain Bitcoin's relative performance — even though there are still clear signs that it behaves like a risk asset" (CoinShares).

Not 'digital gold' in times of crisis

The debate over Bitcoin as a safe haven during geopolitical stress is far from settled. The history of recent months paints a clear picture: in acute crisis phases, investors sell Bitcoin much as they sell tech stocks — not the way they buy gold.

Analytics firm 99Bitcoins sums it up this way: "major conflicts have led to significant price drops in BTC — crypto is no safe haven in wartime." That does not prevent Bitcoin from eventually recovering its losses — following the January–March 2026 episode, the price climbed back above $73,000 by March 4, according to market data.

Institutions are tempering some of the volatility. During the Iran-Israel escalations in April 2024, strong ETF inflows — including $420 million into BlackRock's IBIT — kept price swings more contained compared to earlier conflicts.

Fear remains on a hair trigger — Fear & Greed shows 12 out of 100, the lowest in months

What happens next?

The immediate question is whether Netanyahu's restraint will actually hold. Israel's prime minister has a well-established track record of making independent decisions regardless of allied pressure, and the N12 report itself includes the caveat that "time will tell." As long as negotiations continue without fresh military escalation, some of the risk premium in oil and crypto may ease. But with WTI above $90 and Bitcoin sentiment near rock bottom, the market is far from convinced that the conflict is under control.