US-Iran Tensions Weigh on Global Markets

Markets worldwide were affected by escalating tensions between the US and Iran over the weekend. The conflict led to a surge in oil prices, with WTI crude jumping 6.49% to $89.29 a barrel as of press time.

The Dow futures fell 298 points, or 0.6%, while S&P 500 futures dropped 0.5%. Nasdaq-100 futures also moved lower. However, Asia held up better, with Australia's S&P/ASX 200 edging up 0.07% to 8,953.30.

Bitcoin's rally slowed down around $75,000, with prices at $75,081.5, as the crypto market stayed weak but not fully risk-off. Ethereum fell by 0.76% to $2,304.41, Solana slipped 0.25% to $84.98, and XRP lost 0.91% to $1.4135.

The Federal Reserve's Kevin Warsh emphasized the importance of staying focused on inflation in his Senate hearing. He also warned that stepping into issues beyond monetary policy can put the Fed's independence at risk.