The ongoing conflict between the U.S. and Iran has entered its third week, evolving from an initial swift military strike into a complex geopolitical struggle. This escalation has significantly impacted global markets, which have transitioned from initial panic pricing to a phase of trading amid ongoing hostilities. Key market movements include rising crude oil and gold prices, while equities and cryptocurrencies initially faced pressure. As the conflict expands, particularly with attacks on energy infrastructure in the Gulf region, markets are now focusing on the potential for prolonged disruptions in energy supply chains. This has led to a reassessment of inflation expectations and interest rate paths, with the U.S. dollar remaining strong amid these uncertainties. Bitcoin, initially sold off as a risk asset, is beginning to reclaim its narrative as an alternative safe haven amid sovereign credit concerns. Market participants are closely monitoring developments such as further targeting of energy infrastructure, changes in the Strait of Hormuz, and shifts in U.S. policy objectives. These factors will be critical in determining the future trajectory of global asset pricing and capital allocation strategies.