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Equities and bonds came under pressure after oil surged following the US ordering a blockade of the Strait of Hormuz, escalating tensions with Iran after the collapse of ceasefire talks. US futures fell and European markets are set for a weaker open, while Asian equities declined.

US President Trump said he was optimistic about reaching a deal with Iran, but later also threatened Tehran with “charging fees” in the Strait of Hormuz. Investors are awaiting further clarification from the US–Iran talks to be held in Pakistan this coming Saturday.

Yesterday’s market optimism slightly faded after Iran said three clauses of the ceasefire proposals had been breached. Asian shares fell 0.9%, and WTI crude rose 3.4% to $97 per barrel.