ChainThink reports that on March 12, overnight and this morning, there was a shift in the conflict among the U.S., Israel, and Iran, with the dispute now centered on oil prices and U.S. stocks. Meanwhile, Iran has for the first time proposed conditions for negotiations. ChainThink summarizes as follows:
Last night, under U.S. leadership, the International Energy Agency (IEA) announced the release of 400 million barrels of emergency oil reserves, marking the largest such release in history. Almost simultaneously, Trump stated that the war would end "soon." On the other hand, Iran declared that oil prices would rise to $200 per barrel, as storage capacity in Gulf nations is nearing saturation, leaving nearly 20 million barrels of daily oil supply still unable to reach the market.
This morning, two oil tankers were attacked in the northern Gulf near Iraq and Kuwait, reigniting concerns over the safety of commercial shipping in the region; international oil prices surged above $90 in early Thursday trading.
Additionally, the Iranian ambassador confirmed that Iran’s new Supreme Leader, Mojtaba, was injured in the airstrike on February 28. Iran has also clarified its requirements for a potential ceasefire agreement with the United States and Israel, which include: recognition of Iran’s legitimate rights; compensation to Iran; and firm international guarantees against future aggression.
In cryptocurrency markets, despite recent inflows into ETFs, Bitcoin has remained narrowly range-bound near $70,000; as of writing, Bitcoin is trading at $69,918.10, down 0.49% over the past 24 hours.