Market mood surprisingly positive amid mounting Middle East tensions

Show notes

Headlines were busy over the weekend as hostilities between Iran and Israel continued. An Iranian gas field in the Persian Gulf was hit on Saturday, fueling concerns that the escalation could spill over into global energy markets.
US crude opened the week above $76 per barrel, and Brent crude briefly pushed above $84 per barrel. However, both benchmarks quickly gave back gains. Natural gas also spiked at the open, breaking above its 100-day moving average, before retreating. The US dollar edged higher on haven flows, while gold, which opened at record levels, is also paring gains. The early trading reaction points to a surprisingly muted response from markets despite intensifying Middle East tensions.
This week, markets will remain focused on Middle East developments, energy prices, and a slew of central bank decisions: the Fed, BoE, SNB, and BoJ are all in play.
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