Previewing FIG market-moving headlines.

S&P 500 at 7671.65 (+0.05%) and Dow 30 at 53125.3 (+0.04%) are holding almost flat, while Nasdaq 100 at 29102.95 (-0.05%) slips despite strength in large software names. ServiceNow rose 2.7%, Salesforce gained 1.1% and Adobe added 1.4%, so the software bid is not translating into a broader tech-index move. Europe is similarly mixed, with DAX at 25806.85 (-0.11%) against FTSE 100 at 10767.1 (+0.05%). Asia remains the weak pocket: Nikkei 225 at 63917.75 (-0.87%) and Hang Seng at 25135.25 (-0.89%) are both lower, leaving the regional selloff much clearer than the near-flat U.S. tape.

USD/JPY at 156.367 (-1.47%) is now the largest major-FX move on the board, extending the yen strength seen earlier rather than fading with the rebound in oil. EUR/USD at 1.16004 (+0.11%) and GBP/USD at 1.34891 (+0.04%) are only marginally higher, so this is still a yen-specific move rather than a broad dollar retreat. Rates news is fragmented: the Reserve Bank of India rejected every offer in its government-bond buyback, while Korea Development Bank filed final terms for $1 billion of 4.625% notes due in 2029. That combination leaves the FX signal cleaner than the rates signal this cycle, with the yen move standing well apart from the modest changes in the European currencies.

WTI crude at 90.52 (+1.55%) has reversed the weakness from the previous cycle as military action between the U.S. and Iran pushes supply risk back to the front of the oil market. Brent crude futures reached a six-week peak of $97.07 per barrel on the same escalation, giving the move a direct geopolitical catalyst rather than a generic commodity bid. Gold at 4423.37 (+0.81%) remains firmly higher as well, so the earlier divergence between precious metals and crude has closed. Aluminium also reached a three-week peak on renewed supply concerns, while strong Asian diesel markets point to a separate layer of tightness in refined products.

Military actions between the U.S. and Iran are again the dominant geopolitical development for markets, and the oil response is now much clearer than it was earlier. Brent crude futures reached $97.07 per barrel, a six-week peak, while WTI crude at 90.52 (+1.55%) is back above its prior direction of travel. The significance is not simply that crude is higher; the renewed rise shows Middle East supply risk has re-entered the price action after oil previously failed to confirm the defensive move in gold. Gold at 4423.37 (+0.81%) remains elevated alongside crude, so two of the most direct geopolitical hedges are now moving in the same direction again.

The main change this cycle is the return of an oil risk premium without a matching broad selloff in U.S. equities. WTI crude at 90.52 (+1.55%) and gold at 4423.37 (+0.81%) are both higher as the U.S.-Iran conflict intensifies, yet S&P 500 at 7671.65 (+0.05%) is still essentially unchanged. USD/JPY at 156.367 (-1.47%) adds another defensive-looking move, but EUR/USD at 1.16004 (+0.11%) shows the currency market is not delivering a generalized dollar flight. With Nikkei 225 at 63917.75 (-0.87%) and Hang Seng at 25135.25 (-0.89%) under pressure while Wall Street holds steady, this remains a selective tape: geopolitical stress is showing up forcefully in oil, gold and the yen, but it has not become a synchronized global risk-off move.