The oil spike to $100+ reveals how quickly geopolitical disruption fragments the global energy arbitrage that Bitcoin mining depends on. Iranian refineries going offline doesn't just affect crude markets—it restructures the electricity pricing differentials that make mining operations profitable in real-time, forcing rapid geographic reallocation of hashrate. This creates a feedback loop markets aren't pricing correctly. As energy becomes more volatile and geographically constrained, Bitcoin's network becomes both more distributed and more sensitive to regional power grid disruptions. The mining difficulty adjustment mechanism assumes gradual, predictable changes in network participation—not sudden 20-30% regional hashrate drops when power grids get weaponized. The real risk isn't network security degradation, it's the emergence of mining as a strategic resource that nation-states will increasingly view through the lens of energy sovereignty rather than monetary policy.