Gate News Report, March 23 — The situation in the Middle East remains tense. Spanish Prime Minister Pedro Sánchez warned that the current conflict has approached a “global tipping point” and called for the quick reopening of the Strait of Hormuz, while also ensuring the security of regional energy infrastructure. As the US-Iran conflict enters its fourth week, uncertainty in global energy and financial markets has significantly increased.
In this context, NATO Secretary General Mark Rutte confirmed that 22 countries are involved in developing a security plan for the Strait of Hormuz, including Japan, South Korea, and several Middle Eastern nations. However, the plan is still in the coordination stage, and it remains unclear whether naval forces will be deployed. Within Europe, opinions are divided; countries like Spain, Germany, and Italy have explicitly refused to participate in military action, making the UK a key European power in the US-led alliance.
Meanwhile, Iran has issued stronger signals. Speaker Mohammad Bagher Ghalibaf stated that they will consider US debt-related funding sources as potential targets. This statement introduces new instability into the global bond markets. Recently, the US 10-year Treasury yield rose to 4.38%, hitting an eight-month high, with bonds and stocks both under pressure, and traditional safe-haven logic showing signs of loosening.
The energy market is also affected. Brent crude oil prices have surpassed $112 per barrel. Although Iran’s oil exports have seen some sanctions relief, the market generally believes that additional supply will be limited, with more impact on pricing power. Coupled with expectations that regional military actions will continue for several weeks, energy price volatility risks are increasing.
For the crypto market, macroeconomic uncertainty is changing capital flow patterns. Bitcoin’s correlation with risk assets is rising, and its safe-haven attributes are being reevaluated. The current market focus is on whether multi-national alliances can move from planning to actual deployment, and whether the Strait of Hormuz will reopen in the short term. These factors will directly influence the next phase of energy, bond, and crypto asset trends.
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