Good morning and welcome to Markets Desk.
Oil is sliding to a three-week low after President Trump called off a planned military strike against Iran, with traders reading the move as a meaningful step toward de-escalation. Brent and WTI both fell sharply as geopolitical risk premiums unwound, and the White House confirmed talks with Tehran will resume.
That shift in tone is rippling through safe-haven assets as well. Gold edged modestly higher even as the dollar softened, partly driven by coordinated intervention from Washington and Tokyo to support the Japanese yen. The yen had been under significant pressure, and the joint action signals both governments are watching currency volatility closely as macro uncertainty persists.
Meanwhile, away from the macro tape, Ikea is offering a counterpoint to the AI displacement narrative. The Swedish retailer deployed an AI customer service tool and found that rather than cutting headcount, the technology freed workers to handle more complex, higher-value interactions. Early data suggests productivity gains without the workforce reduction many had feared, a meaningful data point as companies everywhere recalibrate their AI strategies.
That's the tape. Markets Desk, signing off the floor.
