According to The Kobeissi Letter, following US strikes on Iran, over 50 large oil tankers rushed to exit the Strait of Hormuz, with markets currently closed but an immediate drop in oil supply expected to push prices higher (source: The Kobeissi Letter, June 22, 2025). JP Morgan identified this scenario as the worst case in the Israel-Iran conflict. Traders should anticipate significant oil price volatility impacting global risk sentiment. This could drive increased volatility across crypto markets, particularly for Bitcoin (BTC) and Ethereum (ETH), as investors historically move toward or away from digital assets during major geopolitical disruptions (source: JP Morgan, The Kobeissi Letter).