The geopolitical backdrop is sharply elevated: US strikes on Iranian oil tankers have pushed crude toward $100/bbl, triggering a classic risk-off rotation into Gold (+1.26%) while equities (SPX -0.58%) and crypto face headwinds. The Fed remains hawkish with rate hike bets elevated and US10Y at 4.81%, creating a dual pressure on risk assets via both energy-driven inflation and tighter financial conditions. DXY softening slightly (-0.18% to 98.67) provides marginal relief, but the dominant theme today is geopolitical risk premium + stagflation concern. No major economic data releases are scheduled today.