"Direct fire between the U.S. and Iran has Brent Crude testing $79. Strikes near the Strait of Hormuz have brought energy transit to a near standstill. This supply shock is reigniting the higher-for-longer inflation narrative. Treasury yields are holding firm near seven-week highs. Minutes from the Fed confirm a hawkish tone. Officials are tracking inflation risks from oil and the AI spending boom. China also missed inflation targets this morning at just 1.0 percent. In Europe, investors are searching for a floor after a heavy 2 percent sell-off. High sovereign yields are weighing on the DAX and the FTSE index. Here is what you need to watch today. Germany reports its trade balance at 2 a.m. Eastern Time. The ECB releases its meeting accounts at 7.30 a.m. Eastern Time. Finally, watch the U.S. initial jobless claims at 8.30 a.m. Eastern Time. This data will test market resilience. Follow us for daily market updates."