The week that was supposed to deliver clarity on the Gulf crisis instead delivered its starkest divergence yet between US and European assets. With Brent crude surging 13% to US$108 — its highest since the conflict began — and the Strait of Hormuz still effectively closed, the transatlantic split in equity markets told a revealing story. The Nasdaq added 1.6% and the S&P 500 edged up 0.7%, buoyed by better-than-expected earnings and a remarkably resilient US consumer. In contrast, the Euro Stoxx 50 fell 2.0%, the FTSE 100 dropped 2.7%, and the ASX shed 2.1%. Japan was the week's standout, with the Nikkei rallying 2.9% on yen weakness and export optimism.

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