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Crypto’s biggest chart today may be an oil chart. Trump rejected Iran’s seven-day proposal to reopen the Strait of Hormuz. Brent answered by jumping more than 2% above $106, while crypto market cap fell roughly 2% and about $330M in leveraged positions were liquidated. The transmission chain is short: Hormuz risk → oil → inflation pressure → rate expectations → risk assets. Today, barrels are trading crypto too.