US military strikes on Iranian targets near the Strait of Hormuz on Sept 1, followed by Iran missile/drone at US positions, pushed Brent crude up as much as 4.5% to around $94.5/barrel. US equities sold off, and crypto-linked stocks were hit hard: MSTR -6.06%, COIN -6.01%, CRCL -6.35%.
Matters because: The escalation is a clear risk-off trigger. Higher oil and bond yields usually pressure risk assets, and the selloff in crypto equities points to broader de-risking.