Former President Trump has issued a 48-hour ultimatum to Iran, demanding the restoration of navigation through the Strait of Hormuz, according to Garrett Jin of "1011 Insider Whale." This development is expected to heighten oil market volatility and prolong the conflict. Jin highlights three key impacts: the breakdown of diplomatic negotiations between Iran and Japan, the escalation of conflict potentially affecting civilian infrastructure, and a surge in oil market volatility. The crude oil volatility index (OVX) has risen to 93, significantly outpacing the Chicago Board Options Exchange volatility index (VIX) at 24, indicating heightened risks in the oil market.