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Brent Surges 5% on Hormuz Crisis

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Brent Surges 5% on Hormuz Crisis

Oil price news Monday showed Brent crude jumped 4.3% to $94.18 and WTI rose 5.6% to $88.54, reversing Friday’s 9% collapse as Iran reimposed Strait of Hormuz restrictions over the weekend, the US Navy seized the Iranian cargo vessel Touska, and Kpler maritime data recorded zero tanker crossings of the strait on Sunday.

Summary

  • Iran’s IRGC fired on two vessels attempting to transit Saturday before declaring the strait closed until the US lifts its naval blockade.
  • The USS Spruance fired several rounds at the Touska after it ignored six hours of warnings, then US Marines boarded and took custody of the ship.
  • Iran’s Foreign Ministry said Monday it has “no plans” for the Pakistan talks, leaving the ceasefire that expires Wednesday without a diplomatic path forward.

Oil price news opened the week with a sharp reversal of Friday’s optimism. Iran’s foreign minister had announced Friday that the Strait of Hormuz was completely open, sending Brent crude crashing 9%. By Saturday, Iran had reimposed restrictions, its gunboats were firing on tankers, and by Sunday the US had seized an Iranian-flagged cargo ship in the Gulf of Oman. The physical market confirmed the reversal: Kpler data recorded no oil tankers crossing the strait on Sunday.

The strait normally carries roughly 20% of the world’s oil and liquefied natural gas. ADNOC CEO Sultan Al Jaber put the cumulative supply loss at nearly 600 million barrels over approximately 50 days of the crisis, a figure that does not normalize quickly even under a genuine ceasefire.

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“Markets are trading in a world where there is plenty of spin, statements, and speculation, but very little information of substance,” UBS Global Wealth Management chief economist Paul Donovan wrote in a Monday morning note. “Events over the weekend have reversed some of that optimism.”

Iran announced Saturday it was reimposing restrictions on the strait, accusing the US of failing to lift its naval blockade despite the April 8 ceasefire terms. IRGC gunboats fired on two India-flagged vessels attempting to transit. The UK Maritime Trade Operations Centre reported a tanker approached and fired upon with no prior radio warning.

The US Navy destroyer USS Spruance fired several rounds from its 5-inch gun at the Iranian-flagged cargo vessel Touska on Sunday after the ship ignored six hours of warnings to comply with the blockade. US Marines then rappelled from helicopters and took custody of the vessel. Trump announced the seizure on Truth Social, calling it a situation that “did not go well for them.”

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Iran’s military called the seizure “maritime piracy” and warned retaliation would follow once the safety of the crew and their family members aboard was confirmed.

The Market’s Read and What Comes Next

The ceasefire expires Wednesday. Iran has declared it has no plans to attend a second round of Pakistan talks. The US delegation led by Vice President JD Vance is heading to Islamabad regardless. That asymmetry, Washington traveling for talks while Tehran publicly refuses to show up, defines the next 48 hours as the highest-risk window since the original ceasefire was struck.

Wholesale gasoline prices rose over 3% Monday and heating oil futures, a proxy for jet fuel, spiked 4%. S&P 500 futures fell 0.5% while Nasdaq futures dropped 0.6%, signaling that energy-driven inflation fears are once again bleeding into broader equity risk pricing.

For oil bitcoin dynamics, Monday’s Brent print at $94 returns crude to the level where oil inflation expectations begin to suppress Federal Reserve rate cut prospects and compress risk appetite simultaneously. Tracking prior week sessions shows that each Hormuz escalation has produced a progressively smaller BTC drawdown, suggesting institutional demand is absorbing the selling pressure even as the macro headwind persists.

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A US-Iran Peace Deal May Not Be Enough To Save the Oil Market Now: Here’s Why

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A US-Iran Peace Deal May Not Be Enough To Save the Oil Market Now: Here’s Why

HFI Research has stated that the oil market has passed its breaking point, which was projected around mid-April

The analysis argues that these inventory draws will occur regardless of any reopening of the Strait of Hormuz, driven by structural and logistical constraints. This comes amid notable uncertainty around the diplomatic efforts to resolve the US–Iran war.

Why a Peace Deal May Not Reverse the Oil Market Shock

HFI explained that even with a US-Iran peace deal, oil market recovery would be delayed by logistical bottlenecks. An estimated 160 million barrels of floating storage in tankers would begin discharging. However, transit and offloading alone would take 30–40 days, with tanker turnaround requiring an additional 20 days. 

Meanwhile, around 70 very large crude carriers (VLCCs) en route to load US crude for Asia face a much longer cycle. It would take 6–8 weeks for loading, 45–50 days for transit, and another 20–25 days to offload and return. 

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“In total, we will not see meaningful tanker traffic back in the Strait of Hormuz from this entourage for at least 3 months,” the blog read. 

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Onshore constraints in the Middle East further complicate the recovery. The region holds 600 million barrels in onshore storage. Producers need roughly 200 million barrels drained before they can restart output. 

That would take at least 100 VLCC. However, current tanker activity suggests this rebalancing may not occur until mid-to-late June at the earliest.

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“Once the onshore crude storage drains, we need a steady flow of tankers coming to through the Strait of Hormuz to pick up crude. By this point, producers like Saudi, UAE, Kuwait, Qatar, Iraq, and Bahrain can restart. This process will take a few more weeks all but guaranteeing that the lack of supply continues,” HFI Research added.

The report highlighted that cumulative storage lost due to the closure already totals roughly 1 billion barrels, rising to 1.98 billion by the end of June.

According to HFI, given the limited commercially available crude to offset such losses, the market may require demand destruction to restore equilibrium. If the Strait remains closed beyond April, oil prices could move into uncharted territory, with traditional pricing mechanisms breaking down.

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The post A US-Iran Peace Deal May Not Be Enough To Save the Oil Market Now: Here’s Why appeared first on BeInCrypto.

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The KelpDAO thieves just moved $175 million as the laundering process begins

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The KelpDAO thieves just moved $175 million as the laundering process begins

The hackers that stole $290 million in the KelpDAO exploit are beginning to launder their ill-gotten gains, according to onchain sleuth ZachXBT and data from Arkham.

Arkham shows that the wallet in control of the proceeds of the exploit sent two transfers of $117 million and $58 million on the Ethereum blockchain during European hours on Tuesday.

ZachXBT reported that a portion of the stolen funds has already begun moving across chains. Roughly $1.5 million was bridged from Ethereum to Bitcoin via Thorchain, alongside an additional $78,000 routed through the privacy protocol Umbra. North Korean hackers Lazarus Group have previously used protocols like Thorchain to launder funds.

Cross-chain routing and privacy tools are commonly used in the early ‘layering’ stage of laundering, suggesting the attacker may be preparing to further disperse the funds across multiple venues.

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The KelpDAO exploit is one of the largest decentralized finance breaches in recent months, spurring a wave of negative sentiment across the DeFi sector and fears over contagion will spread to other blockchains.

Layer 2 network Arbitrum said Monday it had frozen $71 million in ether linked to the hack, a move that could pressure the exploiter to accelerate efforts to move and launder the remaining funds.

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Bank of Korea Governor Supports CBDCs, Deposit Tokens in First Speech

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Bank of Korea Governor Supports CBDCs, Deposit Tokens in First Speech

The newly appointed Governor of the Bank of Korea, Shin Hyun-song, has voiced support for central bank digital currencies (CBDCs) and tokenized deposits in his first public address.

Shin, who began his four-year term after an inauguration ceremony in Seoul on Tuesday, said the central bank will advance the second phase of “Project Hangang,” a Bank of Korea-led pilot project to test a blockchain-based, wholesale CBDC system.

He also pointed to international cooperation efforts, including the “Agora Project,” an international collaborative initiative launched in April 2024 by the Bank for International Settlements (BIS) and seven central banks to explore the tokenization of cross-border payments. Shin said these initiatives “will elevate the status of the Korean won in the digital payment environment.”

While previous reports had suggested Shin was open to won-based stablecoins, he did not mention stablecoins in his inaugural speech.

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South Korea’s stablecoin bill remains stalled, with regulators and lawmakers split over whether issuance of won-pegged tokens should be limited to commercial banks or opened up to non-bank players such as fintech and tech firms.

Related: South Korea draft bill puts stablecoins, RWAs under finance laws: Report

Shin flags geopolitical risks

Shin also mentioned rising tensions in the Middle East and its effect on oil prices, saying that the Bank of Korea must adapt to rising uncertainty driven by geopolitical shocks, inflation pressures and shifts in the global economy.

“We must strive for price and financial stability through the operation of prudent and flexible monetary policy,” he said.

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Top Korean crypto exchanges. Source: CoinGecko

Shin was the BIS economic adviser from May 2014 to March 2026 and also served as head of the Monetary and Economic Department from January 2025, according to the BIS website.

Last month, he published an academic paper arguing that stablecoins fail to meet a core property of money, “unity,” because blockchain networks are inherently fragmented across different chains with varying fees, security and decentralisation levels.

Related: Naver-Dunamu filing sets IPO committee, listing timeline for fintech group

South Korea to test tokenized deposits for government spending

South Korea’s Ministry of Economy and Finance is preparing to test blockchain-based payments for selected government expenses as part of a regulatory sandbox exploring distributed ledger technology in public finance.

The pilot will use tokenized deposits to execute government operational spending, with a full rollout targeted for the fourth quarter of 2026. The initial phase will be launched in Sejong City and will include conditions such as limits on timing and spending categories.

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