In the last week of June 2026, the Middle East situation experienced another sharp fluctuation. The US military conducted airstrikes on 10 Iranian military targets, and Iran subsequently retaliated against 8 US military facilities. Within a few days, both sides quickly shifted from military confrontation to diplomatic negotiations, agreeing to a ceasefire and scheduling a meeting in Doha, the capital of Qatar, on June 30. Although this round of conflict was brief, its impact on global financial markets—especially the transmission path to crypto assets—is worth a deep dive. Timeline and scale of US-Iran mutual strikes The trigger for this round of conflict can be traced back to June 26, when ships in the Strait of Hormuz were successively attacked, including an oil tanker associated with Qatar. The situation then rapidly escalated: on June 27, the US Central Command deployed Navy and Air Force fighter jets to attack 10 Iranian military targets in the Strait of Hormuz and nearby areas, including missile and drone storage sites and coastal radar stations. In response, in the early morning of June 28, the Iranian Islamic Revolutionary Guard Corps Navy and Air Force used missiles and drones to destroy 8 important US military infrastructure at Ali Al Salem Air Base in Kuwait and the US Fifth Fleet in Bahrain. However, the conflict did not further expand. On June 28, senior US officials revealed that the US and Iran had agreed to stop attacking each other and planned to hold a meeting in Doha, Qatar on June 30 to discuss disputes related to the Strait of Hormuz. Previously, both sides had originally scheduled nuclear talks in Switzerland on the same day, but after the escalation, they decided to move the venue to Qatar. From military conflict