Hosts Chris Vecchio and Ilya Spivak open the week assessing a volatile market backdrop shaped by the ongoing U.S.-Iran conflict. Crude oil (CLK6) gaps above $100, Treasury yields push higher, and equities open lower, with the S&P 500 and Russell 2000 both slipping. The Fed's hawkish posture dominates rate expectations, with year-end Fed funds futures (ZQZ) now pricing hikes rather than cuts. Both hosts also flag European natural gas storage deficits — running 29% below the five-year average — as a potential catalyst worth monitoring.