On March 27, Ukraine disrupted President Trump's efforts to stabilize the oil market during the Iran conflict, amplifying risks in the global financial markets, including cryptocurrencies. For nearly a month, the market has been overshadowed by a singular concern: the Iran conflict. Disruptions in the transportation through the Strait of Hormuz, a critical chokepoint for global oil transport, have driven oil prices sharply higher, intensifying market fears of persistent inflation, rising risk aversion, and the Federal Reserve's potential for further interest rate hikes. To ease the situation, the Trump administration quickly lifted sanctions on Russian crude oil in the short term, allowing for increased supply to fill the oil supply gap caused by the Iran conflict. This was initially a prudent plan to stabilize the energy market, but it was completely undermined by Ukraine. This week, Ukraine launched drone attacks on ports and refineries in Russia's Leningrad region, which some observers claim pose the 'most serious threat' to Russian oil exports since Putin's full-scale invasion of Ukraine in 2022. The attacks have caused significant losses, with approximately 40% of Russia's oil export capacity coming to a standstill. Michael Kern, an editor at Oilprice.com, stated that this is 'primarily a logistics issue, and secondarily a supply issue,' highlighting that the current difficulty in transporting oil to buyers is now on par with the challenges of producing oil.