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Yesterday's session showed sharp risk-off moves amid escalating Middle East tensions, with volatility picking up across assets. Brent rose to $77/barrel (briefly touching $80 during the day) and European natural gas climbed to EUR 44/MWh. Equities sold-off in Asia (-1%) and the euro area (-2%), while US markets showed relative resilience. The US dollar strengthened, gold advanced, and sovereign yields moved higher globally as investors moved into safe-have assets.

Elevated volatility persisted as the Middle East conflict intensified, heightening concerns over sustained disruptions to energy supplies. Brent crude advanced to USD 85/barrel and TTF natural gas rose above EUR 55/MWh (briefly nearing EUR 60 intra-session), up roughly 25% and 100%, respectively, since mid-February. Global equities experienced a sharp sell-off, with Asian and European markets underperforming US indices.

Geopolitical tensions in the Middle East persist, although yesterday brought some relative calm after the sharp volatility seen earlier in the week. Brent crude traded in a $80–85/barrel range before settling near $81, after President Trump said the US would protect shipping routes in the region. European natural gas prices fell back below €50/MWh. Equity markets continued to slide in Asia but recovered in the US and Europe, while the dollar stabilized around 1.16 against the euro.

Heightened geopolitical tensions kept markets volatile as the Middle East conflict entered its sixth day. Energy prices moved higher, with Brent crude rising to $85/barrel and TTF gas to €50/MWh. Equities extended their sell-off in the US and the euro area after their short rebound on Wednesday, while the dollar strengthened, pushing EUR/USD toward 1.16.

Friday’s session began on a risk-on footing, with European equities moving higher in early hours. Sentiment later turned more cautious following remarks from Qatar’s energy minister suggesting that oil market normalization could take weeks to months after hostilities end. Brent crude spiked over $90/barrel and is trading above $100 as of this morning.

Yesterday, investors remained focused on developments in the Middle East conflict. After an eventful weekend, which saw increased tensions and Mojtaba Khamenei appointed as Iran’s new Supreme Leader, Brent prices surged to nearly $120/barrel during yesterday's session. Prices have since retraced, however, after President Trump suggested late yesterday that the war could be close to ending, leaving Brent trading around $93/barrel this morning.

Yesterday’s session reflected a risk-on tone in European and Asian markets, as investors reacted to late Monday remarks from President Trump suggesting that the Middle East conflict could end soon. Asian equities rebounded sharply, with Japan’s Nikkei-225 rising around 3%, and the Spanish IBEX-35 outperforming European peers.

During yesterday's session, market volatility continued to be elevated as the conflict in the Middle East approached its third week. Energy prices continued to rise as tensions intensified in the Strait of Hormuz, despite the International Energy Agency announcing the record release of 400 million barrels from their oil reserves, which investors see as insufficient.

Yesterday's session showed a risk-off tone amid escalating tensions in the Middle East. Brent crude prices hit $100/barrel after Mojtaba Khamenei, Iran's new supreme leader, vowed to keep the Strait of Ormuz and after Iran reportedly attacked oil tankers and other energy facilities.

Escalating tensions in the Middle East drove a risk-off move across markets on Friday, with Brent crude rising above USD 100/barrel as concerns over energy supply disruptions intensified. Global equities declined, while the US dollar strengthened as a safe haven, pushing the EURUSD cross toward 1.14.

Signs of easing tensions in energy markets supported a modest improvement in risk sentiment. Reports of vessels transiting the Strait of Hormuz, alongside comments from the IEA on potential reserve releases, pushed Brent crude down by around 3% to $100/barrel. Global equities rebounded, volatility declined, and the US dollar weakened (EUR/USD rose toward 1.15).

Risk sentiment continued to improve and volatility eased during yesterday’s session, despite ongoing tensions in the Middle East. Global equities advanced, with gains led by energy stocks, while the US dollar weakened. Brent crude rose further above $100/barrel, with futures markets pointing to a decline toward $82/barrel by year-end.

The Federal Reserve left the fed funds rate unchanged at 3.50–3.75%, while striking a hawkish tone and projecting higher inflation. Chair Powell noted that the economic impact of the Middle East conflict remains uncertain but could add to inflationary pressures and weigh on activity. US Treasury yields rose across the curve, as expectations for a rate cut in 2026 declined toward 50%, while equities ended lower and the dollar strenthened.

Friday's session was again driven by inflationary concerns amid escalating tensions in the Middle East. Brent prices settled over $110/barrel and market volatility rose as President Trump pledged to send more troops to Iran and to intervene in the Kharg island to reopen the Strair of Hormuz.

Yesterday’s session saw a sharp turnaround in sentiment. Markets initially opened under pressure, with equities declining and sovereign yields rising amid escalating tensions in the Middle East and rising energy prices. Sentiment shifted after President Trump announced a temporary halt to planned strikes on Iranian energy infrastructure, following reports of constructive talks between the Washington and Tehran. Brent prices quickly fell just below $100/barrel.

Yesterday’s session was marked by elevated volatility and choppy trading, as investors weighed conflicting signals around potential US–Iran talks. While President Trump suggested progress, Iranian officials denied that negotiations were taking place, adding uncertainty to the outlook. Oil prices moved higher on these tensions.

Yesterday's session showed a risk-on sentiment, after news of Iran reportedly reviewing a peace proposal from the US increased the expectations of the conflict ending in the short term. Energy prices slid more than 2%, but have rebounded as of this morning as the strikes continue while the two countries review the terms.

Yesterday’s developments reignited inflation and growth concerns, driving a pick-up in market volatility, as expectations of a near-term de-escalation in the Middle East faded amid doubts over the US willingness to meet Iran’s demands. Brent crude surged to $108/barrel.

Concerns over the economic growth impact of the Middle East conflict gained prominence, prompting a rotation into sovereign bonds after recent selling pressure driven by inflation fears. Equity markets were mixed globally, with sharp losses in Asia, modest gains in the euro area, and slight declines in the US.

Improving prospects of a de-escalation in the Middle East supported risk sentiment, with reports suggesting both the US and Iran may be open to ending the conflict. Sovereign yields fell for a second straight session, as inflation concerns eased, while equities moved higher, led by a strong rally in the US (the S&P 500 saw its largest daily gain since May).