As Middle East tensions drive oil prices past $100, the Luxor hashrate index shows that only 8-10% of global Bitcoin hashrate is directly affected by oil-price-related electricity costs, with this hashrate primarily concentrated in Gulf countries such as the UAE and Oman. For most miners, costs are instead tied to natural gas, coal, hydropower, or nuclear energy. While rising oil prices have limited direct impact on mining economics, Luxor warns that broader macroeconomic pressure and risk-off sentiment pose a greater threat, as they could depress Bitcoin prices, to which miner profitability is far more sensitive.