This wasn’t a normal week in the markets. It felt like multiple narratives were colliding at the same time.
Tensions around Iran kept pushing oil prices higher and added pressure across global markets. The Federal Reserve chose not to change interest rates, but inflation concerns didn’t go anywhere. US equities dropped sharply, only to bounce back later as political messaging shifted.
At the same time, Bitcoin showed unexpected resilience, tokenization gained more attention in Washington, and crypto regulation took a meaningful step forward.
A lot happened in just a few days.
The biggest force driving markets right now is clearly the situation involving Iran, especially the risks tied to the Strait of Hormuz.
One key moment came when Trump stated that the US doesn’t rely on the strait. That raised an obvious question: if America isn’t dependent on it, why is the rest of the world absorbing the shock from tensions around it?
What made things more interesting is that key US allies didn’t fully align. Germany declined involvement, and Italy also made it clear it wouldn’t support military action.
At the same time, Iran kept its stance firm, saying the strait remains open to all
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