Oil is driving the tape again: fresh US strikes on Iranian targets near the Strait of Hormuz, and Iran's retaliation against the UAE and Jordan, sent Brent surging over 4% to a multi-week high, reviving Fed rate-hike bets.
Wall Street closed lower overnight: Dow 52,766.88 (−0.79%), S&P 500 7,631.47 (−0.71%), Nasdaq 26,099.77 (−1.03%).
Asia is selling off hard this morning: Nikkei 225 down around 2.5–2.9% as Japan's 10-year bond yield hit a multi-decade high, KOSPI down over 3%, Hang Seng down around 1.2–1.4%, Shanghai Composite off roughly 0.8–1%.
EUR/USD slips below 1.1600, near 1.1575, as the dollar firms.
Gold at a 4-week low near $4,300, pressured by rising yields and rate-hike bets.
Brent at ~$95.50/barrel – highest levels since the conflict escalation began.
Watch today: US ISM Manufacturing PMI, plus any further Iran-related headlines.
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