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Oil Isn't the Story. Inflation Is. Negotiations surrounding the Strait of Hormuz remain unresolved. While discussions continue over shipping arrangements, sanctions, transit rules and insurance requirements, markets have already responded by rebuilding geopolitical risk premiums into oil prices. At first glance, this appears to be an energy story. In reality, it's a monetary policy story. Higher oil prices can feed into inflation expectations. Persistent inflation makes it harder for central banks to ease monetary policy. And tighter financial conditions generally weigh on liquidity—the single most important driver of risk assets over the past several years. That's why crypto investors should pay attention. Bitcoin doesn't trade on tanker traffic. But it does respond to changes in global liquidity, interest-rate expectations and investor risk appetite. Sometimes the biggest crypto catalysts originate thousands of miles away from blockchain networks. Markets are no longer watching whether a deal is announced. They're watching whether commercial shipping can actually normalize. Execution—not headlines—will determine what comes next. Do you think geopolitics has become one of the most underappreciated drivers of crypto markets? Share your thoughts below 👇 #HormuzDealUnresolved