Daily Digest — 20 Apr 2026

The crypto sector experienced its worst two-day rout in years after North Korea’s Lazarus Group orchestrated a $290 million exploit targeting KelpDAO through compromised infrastructure. The attack triggered a domino effect across decentralised finance protocols, wiping $13 billion from total value locked as Bitcoin fell 1.8% and Ethereum dropped 2.8%. The crisis deepened when Vercel’s security breach potentially exposed API keys used by countless crypto applications.

Energy markets whipsawed on conflicting signals from US-Iran tensions in the Gulf. Oil prices initially surged over 7% after Trump announced the seizure of Iranian-flagged vessel Touska in the Gulf of Oman, but crude ultimately closed down 9.4% at $82.59 as ceasefire speculation emerged. Iranian officials remain defiant about maintaining control over the Strait of Hormuz, the critical chokepoint for global energy flows.

In the UK, Prime Minister Starmer faces mounting pressure over the Mandelson appointment scandal, with five key questions awaiting him in Monday’s Commons statement after revelations that Foreign Office officials withheld crucial information. Meanwhile, Ed Miliband plans to double down on net zero policies as the Iran crisis exposes energy security vulnerabilities.

Defence stocks gained as geopolitical tensions escalated, with Mitsubishi Heavy Industries jumping nearly 4% on Japan’s first-ever warship export deal to Australia. The semiconductor supply chain faces fresh concerns after analysis revealed how Middle East conflicts threaten bromine production, critical for global memory chip manufacturing.