The dominant risk-off catalyst today is active U.S.-Iran military engagement, weighing on risk assets while simultaneously driving safe-haven bids into Gold (+2.41%) and suppressing BTC. Trump's signals that the Iran campaign may be brief are providing modest relief to oil (reversing its 3-day rally), but geopolitical uncertainty remains elevated and unpredictable intraday. The macro backdrop is otherwise mixed-to-neutral: DXY is softening (-0.27% at 99.29), VIX is calm at 15.2, SPX is marginally positive (+0.46%), but US10Y at 4.80% continues to represent a meaningful rate headwind for risk assets. No major economic data releases are scheduled today.