[Trump Issues Final Ultimatum to Iran, Potentially Triggering Oil Market Volatility Surge] On March 22, '1011 Insider Whale' representative Garrett Jin posted on the X platform, stating that Trump has issued a 48-hour final ultimatum to Iran, demanding the full restoration of passage through the Strait of Hormuz. Garrett Jin summarized that this move could lead to three major impacts: the breakdown of diplomatic buffers, potentially ending Iran's low-profile negotiations with Japan; escalation of conflict, with the possibility of involving civilian infrastructure, which could increase the likelihood of prolonged warfare; and a surge in oil market volatility, with crude oil volatility index OVX rising to 93, far exceeding the Chicago Board Options Exchange Volatility Index VIX at 24, indicating that risks in the oil market are significantly higher than in the stock market. Overall, oil prices and market volatility are expected to continue climbing, with the anticipated duration of the conflict extending further.