Welcome to Markets Desk, here's what's moving the needle right now.
Russia is threatening massive retaliatory strikes against Ukraine after Kyiv launched its largest-ever drone barrage on Moscow. The escalation raises fresh uncertainty over any near-term ceasefire, and with European energy markets already on edge, geopolitical risk premiums are not going anywhere soon.
Shifting to energy, analysts are warning that even as the Strait of Hormuz shows early signs of reopening, the economic damage from the conflict is already baked in. Supply chain disruptions, elevated shipping costs, and repriced crude contracts will take months to unwind, meaning relief at the pump won't come fast or clean.
And on the diplomatic front, Vice President Vance's Switzerland trip has been delayed after Iranian officials pushed back, arguing a meeting was unnecessary given that Trump and Iran's president had already signed a preliminary peace framework. That delay pushes back the start of technical negotiations, adding another layer of uncertainty to a fragile and still-unresolved situation.
That's the tape. Markets Desk, signing off the floor.
