Iran has issued its latest response. According to a recent Xinhua report, Iranian Foreign Ministry spokesman Nasser Kanaani stated on the 6th that Iran has prepared a response regarding issues such as the war-ending proposal conveyed by mediators and will announce it publicly at the appropriate time. Previous reports indicated that both the US and Iran had received a proposal for a ceasefire agreement, which could potentially take effect on the 6th. Influenced by these developments, the cryptocurrency market experienced a broad surge, with Bitcoin rising 3% and Ethereum jumping over 5%. Data from CoinGlass shows that 84,940 traders faced liquidations in the past 24 hours. Additionally, spot gold and silver prices continued to climb, while international oil prices trended lower.
Regarding the Middle East conflict, Iran's Islamic Revolutionary Guard Corps (IRGC) issued a statement today (April 6) announcing that the IRGC Navy and Aerospace Force jointly launched the 98th wave of strikes under "True Promise 4." The statement claimed that the US amphibious assault ship USS Tripoli (LHA-7), carrying over 5,000 US sailors and Marines, was struck by Iranian forces, forcing it to retreat to the deep southern Indian Ocean.
Cryptocurrency markets saw a broad rally on April 6. As of 19:30 Beijing time, Bitcoin had surged 3.88% to $69,579, while Ethereum climbed 5.34% to $2,150. Other cryptocurrencies like SOL, XRP, Dogecoin, and BNB also rose over 3%. Stimulated by this, US-listed crypto-related stocks gained in pre-market trading, with Coinbase up over 3%, and MicroStrategy and Circle rising more than 4%.
Precious metals also extended their gains. Spot gold increased 0.36% to $2,346.23 per ounce, after having fallen as much as 1.5% earlier. Spot silver rose 0.35% to $27.29 per ounce, following an earlier decline of up to 2.5%. In contrast, international oil prices fell sharply. WTI crude futures were down 1.34%, after earlier rising over 3%. Brent crude futures dropped 0.47%, having previously gained over 2%.
Analysts noted that news related to a potential US-Iran ceasefire agreement boosted market confidence. The VIX index futures continued to decline, currently down 1.55%. According to a previous report, a source revealed that the US and Iran had received a proposal for a ceasefire agreement that could take effect on the 6th. The source stated that a framework plan to end the conflict had been drafted and communicated to both the US and Iran. The proposal reportedly involves an immediate ceasefire and the reopening of the Strait of Hormuz, followed by a final agreement within 15 to 20 days. The final agreement may include Iran committing not to pursue nuclear weapons in exchange for the lifting of sanctions and the unfreezing of assets.
Homin Lee, a strategist at Lombard Odier, commented, "The forecasting game remains quite tricky for investors. Investor focus will center on military operations on both sides of the Persian Gulf and whether ship traffic through the Strait of Hormuz can further improve despite these attacks." Rob Subbaraman, Global Head of Macro Research at Nomura, stated, "Markets are on edge, time is running out, and there are only two outcomes—ceasefire or escalation." He also pointed out that the tone of US President [implied from context] suggests the White House is eager to end the war, while investors continue to hedge against escalation risks. Subbaraman further warned that the war has "lasted long enough to trigger a serious global inflation spike," and that a further escalation could quickly turn an inflation shock into a growth shock, leading to demand contraction and full-blown stagflation.
Jamie Dimon, CEO of JPMorgan Chase, stated that war-related risks could lead to more persistent inflation and interest rates higher than market expectations. The Middle East conflict increases the possibility of a significant "oil and commodity price shock" and a reshaping of global supply chains.
In a evening update on April 6, Xinhua reported that Iranian Foreign Ministry spokesman Nasser Kanaani said Iran has prepared its response to the war-ending proposal conveyed by mediators and will announce it at the appropriate time. Kanaani, speaking at a press conference in Tehran, said that a few days ago, the US side had presented some suggestions through mediators. At that time, Iran pointed out that the US plan was "extremely excessive" and absolutely unacceptable to Iran. Kanaani stated that Iran has formulated its position based on its national interests, security, and the legitimate demands of the Iranian people. Iran has long been clear about its goals and bottom line, and its position remains clear. "We drafted our response at the beginning of the relevant discussions, and at the appropriate time, we will clearly announce it." Kanaani emphasized that conveying positions through intermediaries is normal diplomatic practice, and such communication will continue, but negotiations cannot be based on threats of "ultimatums, atrocities, or war crimes." Lessons from previous negotiations between Iran and the US would not be ignored.
On the same day, Iranian Foreign Minister Hossein Amirabdollahian held a phone conversation with French Foreign Minister Stéphane Séjourné. The two sides exchanged views on the latest regional developments and international issues related to US and Israeli attacks against Iran. Amirabdollahian stated that US threats equate to the normalization of war crimes and acts of genocide, and if implemented, Iran's armed forces would definitely deliver a firm and comprehensive response. He emphasized that the consequences of such situations would not be limited to Iran and the region but would also have destructive effects on global energy markets and the economic system, for which responsibility lies entirely with US officials and the aggressors. French Foreign Minister Séjourné emphasized the necessity of ending the war and noted that threats of attacks against infrastructure would further escalate regional tensions. He also reiterated that the current crisis should be resolved through diplomatic channels.
Iran's retaliatory actions are reportedly continuing. According to a report, the IRGC issued a statement today (April 6) announcing that the IRGC Navy and Aerospace Force jointly launched the 98th wave of strikes under "True Promise 4." The statement claimed the USS Tripoli was struck and forced to retreat. The IRGC Navy also used cruise missiles to attack the Israeli container ship [SDN7], with the missile hit causing a large fire. Furthermore, during this wave of operations, the IRGC used ballistic missiles to strike multiple strategic targets in northern and southern Tel Aviv and Haifa, Israel, and also targeted chemical industry facilities in Be'er Sheva and military industry enterprises in Petah Tikva. The statement also indicated that several aircraft at Kuwait's Ali Al Salem Air Base were precisely struck by Iranian drones and missiles in this operation.
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