The oil spike to $100+ isn't about Iranian refineries or supply disruption—it's about testing Bitcoin's energy arbitrage thesis in real time. Mining operations with flexible power contracts are already switching off to sell electricity back to grids at premium rates, effectively shorting hash rate while going long energy futures. This creates a feedback loop most macro analysts miss: higher oil prices increase mining profitability through energy arbitrage, but simultaneously reduce network security as miners chase spot energy premiums. The real question isn't whether Bitcoin can handle $100 oil, but whether the network can maintain security when mining becomes more profitable as an energy trading strategy than as a monetary validation system.