US Central Command confirmed strikes on Iranian missile launch sites in southern Iran on May 25, a major escalation despite a standing ceasefire and ongoing Doha diplomatic talks.
The Pentagon called the operation self-defense, targeting naval vessels involved in mine-laying that threatened US troops. Tehran had already signaled a deal was not imminent.
The ceasefire, in effect since April 8, has now been shattered by American missiles hitting near Bandar Abbas, a strategic city abutting the Strait of Hormuz. That narrow waterway sees a massive share of global oil shipments daily.
In financial markets, privacy-focused crypto tokens slipped, while meme tokens briefly surged. HYPE outperformed Dogecoin on May 26. Prediction markets spiked on oil disruption contracts.
Traders should note: an earlier round of US-Iran strikes triggered over $701 million in crypto liquidations. If Doha collapses entirely, analysts warn the fallout could exceed that figure.