Despite serious economic and humanitarian risks of escalation, especially through energy supply disruptions, markets are increasingly less convinced of an immediate intensification. Oil is trading below Friday's levels, and stock futures remain relatively stable. After several weeks of rhetoric about escalation over the weekends and signals of de-escalation at the beginning of the week, market participants are starting to recognize this pattern and respond by weakening their positions.

The cryptocurrency market shows resilience instead of panic. Bitcoin and Ethereum rose above $69 000 and $2 140 respectively at the start of the Asian session. This movement led to short position liquidations totaling around $200 million. Liquidity remained quite low during this time.