Hormuz has become the biggest real-world application of crypto.

Hormuz oil tanker tolls may be charged per barrel, with payment options including BTC, stablecoins, or RMB, roughly $1 per barrel.
Iran is still very clever; in fact, after the 1973 oil crisis, energy became more than just a commodity—whoever controls oil settlement can control the global flow of funds.
But bitcoin:native can be said to be the biggest beneficiary besides Iran; the U.S. dollar's later ability to bind global trade largely relied on energy settlement scenarios, and capturing even a small share of the dollar settlement ecosystem can double BTC's valuation.
Of course, if this continues to ferment, market sentiment will focus on energy costs and interest rate cut expectations, which may not necessarily spill over into the crypto market.