Iran Closes Strait of Hormuz, Sending Energy and Crypto Markets into Turmoil

Iran has closed the Strait of Hormuz in response to US attacks, sending shockwaves through global energy and cryptocurrency markets. The strait, which is a narrow passage between Iran and Oman, handles approximately 20% of the world's oil supply and significant volumes of liquefied natural gas.

The move represents the most significant escalation in the ongoing conflict between Iran and the US-Israeli coalition. Energy markets reacted sharply to the news, with prices spiking due to the potential disruption of a fifth of global oil supplies.

Iran's proposed 'Hormuz Safe' platform involves Bitcoin-based maritime insurance for shipping, which could provide a sanctions-resistant payment rail in light of extensive US sanctions against Iran.