The past week on the cryptocurrency market was more like a roller coaster.

The US stock market began last week in the red zone, as investors reacted to Beijing’s decision to raise tariffs on certain US goods in response to Washington’s increase in tariffs on Chinese imports.

The measures of the Libyan government to solve the siege of Tripoli by the troops of the Libyan National Army, Field Marshal Khalifa Haftar, resemble convulsive movements in anticipation of a speedy end. So, PNS suspended work on the territory of 40 foreign companies under its control, including the French oil and gas concern Total. The decision to suspend their work was taken by Minister of Economy and Industry Ali al-Isawi. True, the formal reason was the expiration of the licenses of these companies to operate in Libya. But the reasons for this decision PNS are obvious. In Tripoli, France has been accused of supporting the LNA forces for some time. The Ministry of the Interior of the PNS even declared that it would cease all cooperation with France.

The troops of Khaftar are not enough take Tripoli, as well as the opportunities for the government troops to reject the LNA, as a result, the country has dual power. The parliament elected by the people sits in the east, and in the west, in the capital Tripoli, the government of national consensus headed by Fayez Sarraj rules with the support of the UN and the European Union. The authorities in the eastern part of the country operate independently of Tripoli and cooperate with the Libyan National Army. As a result, the precarious position in a large oil-producing country rather strongly affects the state of affairs in the global oil market.

On Tuesday, the situation began to heat up in the Middle East. Saudi Arabia stated that combat drones attacked oil pumping stations two days after the act of sabotaging two Saudi tankers. The Energy Minister said that a fire had occurred as a result of the attack, but it was able to extinguish. At the same time, there are no disruptions in the supply of oil and oil products. Oil prices jumped due to news of the attack. So, futures for Brent went up in a day by 1.38%. Khalid al-Falih said that drone attacks and sabotage against tankers are a threat to the entire global oil market. Accurate information about who is behind the attack of drones is still controversial. Bloomberg recalled that the Hussite rebels in neighboring Yemen, supported by Iran, had previously stated that they had attacked objects in Saudi Arabia with the help of drones. Riyadh supports the government forces of Yemen, which oppose the Hussite rebels.

The Saudis paused and on Thursday the Ministry of Defense of Saudi Arabia accused the Iranian authorities of being behind the recent attacks of the Yemeni Houthis on the Saudi oil pipeline. Saudi Deputy Defense Minister Khalid bin Salman said on Twitter that Iran had ordered “terrorist attacks” committed by the Hussites on the oil pipeline. The attack of the Hussites proves that they "are simply a weapon that the Iranian regime uses to carry out its aggressive plans in the region," the deputy minister said. On the same day, coalition aircraft led by Saudi Arabia attacked the capital of Yemen, Sana'a. According to the latest data, six people died, 41 were injured, including civilians. In turn, US National Security Advisor to the President, John Bolton, said that the United States sent the aircraft carrier Abraham Lincoln and B-52 bombers to the shores of Iran. Thus, Washington is sending a "clear and unmistakable signal to the Iranian regime that any attack on the interests of the United States or our allies will be met with ruthless force," Bolton said.

As a result, the week ended with stable growth of oil prices, the main reason for which was the escalation of tension in the Middle East. The cost of July futures for North Sea Brent crude oil mix rose by 0.33% to $ 72.86 per barrel, the cost of June futures for WTI rose by 0.45% to $ 63.15. Reuters cites the opinion of Stephen Innes, head of the SPI Asset Management market and strategy department, that amid strong tensions .There are many risks to oil supplies. The expert added that oil prices can test the highs since the end of last year, which was reached in April.

The events in the cryptocurrency market involuntarily lead us to recall the 2017 boom.

The week began for the US stock market with a moderate decline. The public was slightly shocked by the statements of the US President on Twitter that Washington would raise tariffs on products imported from China totaling $ 200 billion.