Markets are focused on the price of oil, but the cost of transporting it is becoming a problem of its own. Goldman Sachs says global crude freight rates have surged from around $3 to over $20 per barrel in the past year, with the Strait of Hormuz risk premium accounting for $7 of that increase. Even if crude prices fall, elevated shipping costs could keep fuel prices high and inflationary pressure alive. For markets, that matters. Persistent inflation could limit the Fed’s ability to cut rates, keeping financial conditions tight and weighing on risk assets. Bitcoin doesn't operate in isolation. If energy costs keep inflation elevated, crypto could face macroeconomic headwinds even without a problem originating within the industry.