The Strait of Hormuz's powder keg has finally exploded; on-chain gold and crude oil volatility are about to take off.

On June 3rd, the situation in the Middle East escalated again. The Iranian Revolutionary Guard launched missiles at a U.S.-owned vessel named PANAYA in response to the U.S. attack on an Iranian oil tanker in the Strait of Hormuz. The U.S. military claimed to have shot down multiple ballistic missiles and drones, and carried out a self-defense strike on Gassim Island. Kuwait and Bahrain U.S. military bases were continuously attacked in the early hours, with the Bahrain Juffair base and the Fifth Fleet headquarters hit, and the Patriot system intercepted incoming missiles; multiple airports suspended operations, and the Saudi U.S. military base also issued alerts.