The conflict between the US, Israel, and Iran shows no signs of abating. Israel recently joined the US in attacking energy and gas facilities in Bushehr and other areas of southern Iran, prompting Iran to retaliate by attacking energy facilities in Qatar and Saudi Arabia. This directly disrupts the global energy supply order, and international crude oil prices are expected to continue rising. It is noteworthy that while US President Trump has repeatedly called on allies to participate in the action against Iran and support the US and Israel, most NATO allies have remained lukewarm and explicitly refused to engage in the conflict, further highlighting the spillover risks. The future course of the conflict and oil price fluctuations need to be closely monitored. If oil prices continue to rise, it will directly put downward pressure on global consumption and employment, while further pushing up inflation. Combined with Federal Reserve Chairman Powell's clear policy stance of "maintaining interest rates and cautiously cutting rates" last night, and influenced by multiple factors, cryptocurrencies are unlikely to see a significant rebound in the short term, and are more likely to maintain a volatile and corrective trend. Long-term trends will depend on continued monitoring of inflation data, Federal Reserve policy adjustments, and subsequent developments in the Middle East situation.