West Texas Intermediate (WTI) and Brent crude continue to rise during the U.S. session, with an intraday gain of over 3%.

May 21 — Four industry sources say seven major OPEC+ oil-producing nations are poised to agree to a modest production hike for July during a June 7 meeting, even amid ongoing supply disruptions linked to the Iran conflict. The sources note the monthly output quota for these seven core OPEC+ members is projected to rise by roughly 188,000 barrels per day. First-quarter 2026 saw OPEC+ hold production flat, but since April, the group has been lifting its monthly output targets — even as the war drags on. However, those monthly production increases have been scaled back since the UAE exited the group in May. Analysts and industry representatives point out that while the UAE’s departure has weakened the group’s market clout, it might strengthen internal cohesion. Additionally, sources add that the two extra OPEC+ meetings set for June 7 are not expected to make any policy adjustments.

On May 21st, per LookOnChain’s monitoring, Grayscale continues building up its HYPE holdings—adding another 115,733 coins in the past hour alone, valued at roughly $6.65 million. Over the last week, Grayscale has acquired a total of 682,190 HYPE coins, worth approximately $34.9 million.

On May 21, Tom Lee noted in a post that the current selling pressure on Ethereum (ETH) stems mainly from rising oil prices. Reacting to the just-released April Federal Reserve meeting minutes, he said that if inflation remains above the 2% threshold, the Fed may need to consider further policy tightening. Lee added that ETH is displaying its strongest historical negative correlation with oil prices. High oil prices stoke inflation expectations, boost the probability of Fed interest rate hikes, tighten monetary liquidity, and weigh on crypto assets. Since the outbreak of the Iran war, oil price volatility has been highly synchronized with the Federal Reserve’s 2026 rate hike and cut expectations. Resolutions to the conflict will directly impact oil prices and could potentially ease the macro pressure facing ETH.

On May 21, the Avalanche Foundation established an independent Selection Committee for its "Research RFP Program," the foundation announced. The committee includes Ava Labs founder and CEO Emin Gün Sirer, Avalanche Foundation Chief Investment Officer Matias A., Chief Economist Eric Lu, plus external academic experts: Duke University Professor Campbell Harvey, University of Florida Professor Fahad Saleh, and Columbia University Professor Agostino Capponi. The "Research RFP Program" is now open for applications, with submissions centered on two main areas: cryptocurrency asset pricing and valuation, and validator economics and network security. Proposals will be evaluated based on five criteria: relevance to the research theme, methodological rigor, novelty of contribution, feasibility, and team qualifications.

May 21: The Iranian Ambassador to France announced that Iran and Oman are currently in discussions to permanently impose a toll for passage through the Strait of Hormuz. Countries will be required to pay the fee if they wish to reopen access to the waterway.

On May 21, Bitget market data showed that Arm (ARM.O) rallied over 10%, with its market capitalization crossing the $300 billion threshold for the first time.