Heightened US-Iran tensions near the Strait of Hormuz have injected notable volatility into markets, especially energy and currencies. Oil prices surged over 2%, reflecting fears of supply disruptions amid threats and military posturing. The US dollar broadly gained, supported by safe-haven demand and a Tokyo intervention targeting USD/JPY, which caused a sharp but temporary depreciation before rebounding. Despite geopolitical risks typically benefiting gold, prices fell over 1%, pressured by rising US 10-year yields and dollar strength. Traders should brace for continued choppy conditions as the situation evolves, with energy markets particularly sensitive to further escalations.