On April 21, negotiations between the U.S. and Iran over the Strait of Hormuz reached a deadlock as neither side compromised, triggering sharp volatility in international oil prices. WTI crude rose 6.87% to $89.61 a barrel, while Brent crude gained 5.64% to $95.48. Since the crisis erupted in late February, global crude oil supply disruptions have exceeded 500 million barrels.

All three major U.S. stock indexes closed lower, with the Nasdaq ending a 13-session winning streak by falling 0.26%. Markets worried rising oil prices would fuel inflation and delay global interest rate cuts. European Central Bank President Christine Lagarde said the energy price rally would not trigger a policy shift for now, requiring more data for evaluation.

A candidate for Federal Reserve Chair attended a hearing today, with markets watching his monetary policy stance. Safe-haven assets including gold and Bitcoin strengthened. Spot gold broke through $4,830 an ounce, while Bitcoin rose above $76,000. Institutions analyzed that a prolonged Middle East conflict would intensify global inflationary pressure, hitting emerging Asian markets first, benefiting energy and military sectors while pressuring aviation and logistics.