Market News

By now, everyone knows what's happening as the US and Israel strike Iran. Here is the state of play one hour into futures trading:

• WTI crude up $5.37 to $72.40 (about 8%)
• Gold up 2% to $5385
• The US dollar leads in FX, narrowly ahead of CHF
• AUD/USD is the biggest mover, down 60 pips (or 0.82%) to 0.7054
• Nikkei 225 opens down 1.5%
• Bitcoin flat near $66K

The latest war headline: Israeli military says it continues to carry out large-scale strikes against targets across Tehran.

I'm somewhat surprised that USD/JPY is up 65 pips to 156.68. It's creeping up on last week's high.

I think many things are trading off oil and trying to figure out if that reverberates back into inflation or fades. There is certainly going to be something of a shock at the…

Comments from Trump in a newly-released video:

• On Iran: We have hit hundreds of targets including Revolutionary Guard facilities, air defense systems and nine ships plus naval building

• On Iran: Combat operations continue

• On Iran: Military operations will continue until all of our objectives are achieved

• There will likely be more U.S. casualties

• Iranian regime armed with long range missiles and nuclear weapons would be a dire threat to every American

• U.S. will avenge the deaths of Americans

• US lawmakers see no plan for Iran following strikes

• Urge Revolutionary Guard, Iranian military and police to lay down arms and receive immunity or face certain death

• Call on Iranians to seize this moment take back your country

• To Iranians: America is with you

An…