Post

挖矿的小羊
挖矿的小羊
Show original
截至10月18日当周,霍尔木兹海峡石油日均流量约1400万桶,只有战前水平的82%。 日均通行商船数量,从冲突前每天20艘以上,掉到至少10艘。 本月以来,霍尔木兹及周边已有约30起船只遭袭事件,占整个战争期间被袭船只总数的20%。 超级油轮运往亚洲的运费,逼近每桶37.37美元的纪录高位。战争风险保险费率,从船只价值的不到3%,飙到最高10%。 油还在流。但流的成本,已经翻了几倍。 过去四次地缘冲突,BTC全是“先跌后涨”。 2022年俄乌,初期跌8%,四天后反弹14%。 2023年以哈,当周跌6%,随后30天暴涨40%。 2025年印巴,当日跌3%,次日收复。 2026年2月美以轰炸伊朗,急挫6%,随后反弹17%。 四次剧本一模一样。但四次反弹,有一个共同前提:能源供应没有被真正切断。 俄罗斯的油还在卖,巴基斯坦的冲突没碰油路,2月那轮轰炸没有封锁海峡。 这一次,前提变了。 伊朗外长说得很清楚:霍尔木兹的管理和航线,“不会再与过去相同”。 革命卫队过去几周对至少7艘“违规”油轮采取行动,10月21日至22日两天内,7艘油轮遭袭或触雷。10月27日,一艘关闭追踪系统的油轮在海峡东部触雷起火,伊朗海军明确表态:未经协调擅自通行的船只,霍尔木兹“处于不安全状态”。 美国中央司令部说“主要运输路线上已经没有伊朗水雷”。伊朗第二天就用一艘起火的油轮回应了这句话。 双方各说各话。但油轮的通行数据不会说谎:流量在降,成本在涨。 布伦特原油今天报约113.88美元,WTI在99.90美元附近,盘中一度跌破100又拉回来。 100美元以上的油价,意味着通胀从能源端向核心通胀渗透的压力是实打实的。美联储的降息空间,被油价钉死;风险资产的估值分母,被收益率顶住。 10年期美债收益率在5%附近徘徊,10月7日一度冲到5.365%,刷新24年高点。 BTC今天回到81,000美元,涨了1%。但过去7天仍然跌了2.8%,冲击10万美元失败后,上方抛压沉重。 涨1%不代表安全。它只代表市场还在等一个答案。 $BTC $XAU $BZ
挖矿的小羊
挖矿的小羊
"Schrödinger Navigation" of Hormuz On October 26, Saudi media leaked: Qatar's mediation proposed a "five-day mutual concession plan," Iran would open the Strait of Hormuz, and the US would lift the port blockade. On the same day, Tasnim News Agency, affiliated with Iran's Revolutionary Guard, responded: false information. Iran has not proposed any new plan and does not accept the model of "exchanging strait navigation for lifting the blockade." Who should you believe? The answer is: you don't have to believe anyone. What you need to understand is why these two messages can coexist. Iran's logic hasn't changed at all. Iran's parliament speaker Kalibaf has always held a list of seven conditions: lifting the maritime blockade, unfreezing assets, canceling oil sanctions, stopping military actions, US troops withdrawing from the border, war damage compensation, and no interference with nuclear capabilities. The order is clear: the US must meet the conditions first, then navigation through the strait will "naturally return." It's not about trading the strait for benefits. Why did Tasnim immediately deny it? Because for Iran, Hormuz is not a bargaining chip, but leverage. A chip can be priced and sold, but as long as leverage is held, pressure can be continuously applied. If the outside world gets the impression that "the strait can be bought and sold," then any future Iranian demands will be met with bargaining. What is being denied is not a piece of news, but the attribute that the strait as a pressure tool cannot be traded. The US logic hasn't changed either. CNN reported on October 27: US forces in the Middle East are ready, and at Trump's command, a new large-scale strike on Iran can be launched within 96 hours. Officials said the order might be given after the midterm elections in November. On one hand, they leak "Qatar is working on a five-day plan," on the other, they have a knife on the table. Negotiation news is for the market. Military preparations are for the opponent. Both happen simultaneously. So what exactly is the "five-day plan"? It is a media plan, not an execution plan. None of Iran's core conditions have softened. The US's core pressure has not retreated a step. The only thing moving is the headline. And oil prices are pricing the headline. On October 26, Brent crude rose to $116.72, pushed to the highest settlement price since spring by Houthi attacks on Saudi oil facilities. War risk insurance premiums have risen to 10% of vessel value, compared to less than 3% before the war. The "five-day plan" briefly pulled oil prices down. But has actual navigation through the strait resumed? Have tanker insurance costs dropped? Have the Revolutionary Guard's naval mines been removed? No. The risk premium fuel has been piling up. What is truly stuck is BTC. BTC is testing the 80k level for the third time. What is pressing it is not "whether the US and Iran fight," but a colder chain: oil at $116 → rising inflation expectations → Fed rate cuts locked out → no incremental funds for risk assets. The Fed already raised rates once in September; the market's pricing for rate cuts this year is only about one-third. High oil prices and 3.7% inflation have welded shut the door to "rate cuts." Negotiation headlines can make oil prices drop by two dollars. But as long as Hormuz remains in a "Schrödinger navigation" state, the inflation rope won't loosen, and the pressure on BTC won't truly lift. There is a huge gap between the "headline" and the "execution" of geopolitical news. Those trading headlines are always harvested by those trading execution. The five-day plan is a headline. The seven conditions are execution. The 96-hour strike readiness is also execution. Oil prices may drop again tonight due to some tweet. But if insurance costs for the strait don't drop tomorrow, today's decline is just sending chips to the executors. $BTC $CL $BZ

Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more

Replies

No comments yet. Be the first to reply!