US Central Command intercepted and destroyed four Iranian one-way attack drones headed toward the Strait of Hormuz on June 5, marking the most significant direct military exchange between the two nations since a fragile ceasefire took hold in April.
The drones were classified as an immediate threat to maritime operations in one of the world’s most critical shipping chokepoints. In response, US forces conducted strikes against Iranian coastal radar installations, a retaliatory move that prompted Tehran to launch additional ballistic missiles and drones toward Gulf allies.
Bitcoin dropped below $73,000 on the news, and nearly $1 billion in crypto positions were liquidated across exchanges during late May and early June as traders scrambled for the exits.
The military picture
The Strait of Hormuz is the narrow waterway through which roughly a fifth of the world’s oil supply passes daily.
