BlockBeats news: On March 4, overnight and into the morning, Trump first vowed to spare no cost on Iran, causing a sharp drop in U.S. equities at open, with the Dow Jones plunging nearly 1,300 points at one point. Subsequently, Trump announced plans to provide insurance and escort for oil tankers transiting the Strait of Hormuz, prompting significant declines in crude oil, the dollar, and U.S. bond yields from their highs. U.S. equity indices narrowed their losses, though the Nasdaq still fell over 1%.
However, Iran continues to closely monitor the Strait of Hormuz. Mohammad Akbarzadeh, Deputy Commander of the Islamic Revolutionary Guard Corps Navy, stated that the Strait of Hormuz is now fully under the control of the Iranian Navy, with over a dozen tankers struck by projectiles in the strait. The probability of Iran closing the Strait of Hormuz remains high on Polymarket.
Additionally, Trump announced a trade embargo on Spain for refusing to support the United States, reigniting market concerns over trade uncertainty.
Iran has reportedly selected Hamanei’s successor. According to the New York Times, three Iranian officials familiar with the discussions said that Mojtaba Hamanei, the Supreme Leader’s son, has emerged as the leading candidate to succeed him. The officials stated that the Assembly of Experts is considering announcing Mojtaba as the successor on Wednesday morning, though some members have expressed reservations, fearing that such a move could make him a target for attacks by the United States and Israel.
During Asian morning trading, stock markets in Japan and South Korea plunged. As of reporting, the South Korean KOSPI index fell by 6%, and the KOSPI 200 futures contract dropped 5%, triggering a five-minute halt in program trading. The Nikkei 225 index fell below 55,000 points, down 2.31% on the day.
After a slight rebound last night, cryptocurrency markets traded steadily this morning. Bitcoin is currently priced at $68,151.61, up 0.64% over the past 24 hours, while Ethereum remains relatively weaker at $1,981, up 0.61% in the same period.