Iran's Islamic Revolutionary Guard Corps launched an attack on a US airbase on May 27-28, escalating the military conflict over the Strait of Hormuz. The strike came less than 24 hours after US forces hit Iranian missile sites in self-defense.
President Trump dismissed Iranian state media reports of a draft deal to restore shipping traffic through the Strait, calling them a "complete fabrication." The rejection eliminates any near-term diplomatic resolution.
Oil prices surged following the strikes, while crypto markets remained largely unaffected. Analysts warn that sustained oil price volatility could pressure central banks on interest rates, indirectly impacting digital assets.