US equity futures are under pressure with S&P down . Bonds mixed. US 10-year yield is firmer at 4%. Gilts off 1 bps at 4.3%. Dollar is mostly firmer, though off session highs in overnight trade. Oil sharply higher with WTI crude up around 7.5%. European gas prices more than 20% higher. Gold and silver gain. Industrial metals firmer. Bitcoin lower. US and Israel launched air strikes against Iran that targeted military assets, government and IRGC facilities and missile bases, killing Supreme Leader Khamanei and several high-level officials. Trump is optimistic about war's progress, mentioning offramps and claiming Iran's new leaders in talks. Media sources also note Iran's security chief has reached out for fresh nuclear talks. Iran has widened retaliation to Gulf states, resulting in airport shutdowns. Conflict has also disrupted shipping through Strait of Hormuz though oil price impact subject to multiple variables.

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