Rising tensions around the Strait of Hormuz are once again forcing crypto traders to look beyond blockchain fundamentals and toward global macro risk.

Roughly 20% of the world’s oil supply passes daily through the narrow maritime corridor between Iran and Oman. While no full closure has been confirmed, escalating military activity in the region has already pushed war-risk insurance premiums sharply higher.

Oil, Yields, and $2 Trillion in Liquidity: Why Crypto Could Be First to Crack

Premiums on oil tankers have surged more than 50%. At the same time, insurance costs for a $100 million vessel jumped from approximately $250,000 to $375,000 per voyage.

The spike in shipping risk alone, even without a formal blockade, has been enough to raise…