Trump Imposes Harshest Sanctions on Iran

The significance lies in the mechanism rather than the rhetoric: sanctions aimed at oil exports and the financial system are the main channels through which Iran-linked flows touch global markets, so the read-through is to energy pricing and risk sentiment more than to crypto or RWA specifically. The immediate question is whether enforcement actually bites on export volumes, since headline severity and delivered impact have often diverged. How oil markets and regional risk premia respond over the coming sessions is the open question.