Hormuz Strait transiting vessels drop to 3; QCP says energy shipping costs are rising and crypto market positioning fragility is increasing

Odaily News: In its October 8 market thematic report, QCP stated that U.S.-Iran negotiations over transit arrangements in the Strait of Hormuz have reached a deadlock. The United States has taken pressure measures including withdrawing the Iranian delegation and imposing additional sanctions, but Qatar's mediation channel remains open. Currently, the number of vessels transiting the Strait of Hormuz has dropped to 3, compared with a normal average of 26; the U.S. Strategic Petroleum Reserve has fallen 28% since May, and the price of crude oil shipping from West Africa to China has risen to $27.22 per barrel, up 319% from the year-to-date average of $7.37 per barrel, while refined product shipping flows remain behind by about 33%.

QCP said tightening tanker supply could keep future delivery costs at elevated levels. On the crypto market side, Anthropic's IPO has been delayed to mid-November, with market valuation expectations of about $2 trillion; Strategy has slowed Bitcoin purchases and prioritized STRC buybacks, crypto ETF fund flows have cooled, and progress on the U.S. Clarity Act has stalled.