Gate News reports that on March 29, "Insider Whale " agent Garrett Jin posted on X platform stating that Trump has issued a 48-hour final ultimatum to Iran, demanding the full reopening of the Strait of Hormuz, with the situation clearly escalating. He summarized three key impacts of this move: First, the diplomatic buffer has been broken, and the previously low-key negotiations between Iran and Japan regarding the passage of ships are coming to an end; second, the nature of the conflict has escalated, and if strikes expand to civilian infrastructure such as power grids, it will strengthen Iran's position and increase the likelihood of a prolonged war; third, oil market volatility has surged, market dislocations have intensified, with crude oil volatility (OVX) rising to 93, while the Chicago Options Exchange Volatility Index (VIX) is around 24, with the ratio approaching 4 times, indicating that oil market risks are far exceeding stock market pricing. Overall, oil prices and market volatility continue to rise, and the expected duration of the conflict is extended.