CoinEx News: U.S. and Iranian forces exchanged fire near the Strait of Hormuz on May 7, with U.S. Central Command saying Iranian missiles, drones and small boats targeted three U.S. destroyers before U.S. forces struck Iranian military sites. Oil whipsawed on May 8, initially rising as Hormuz risk returned before giving back part of the move as traders weighed renewed peace-talk headlines.

The escalation keeps energy risk embedded in macro pricing after the S&P 500 and Nasdaq touched fresh intraday records on May 7 but closed lower, leaving crypto exposed to renewed swings in inflation expectations, rates and risk appetite.