Been watching the markets today and there's definitely some nervous energy out there. European shares are looking pretty weak heading into the session, with investors clearly spooked by what's happening in the Middle East and all the oil supply concerns that come with it.

The situation with Iran keeps escalating. Trump's been pretty vague about how long this will actually last, though he mentioned four to five weeks as a rough timeline. His defense secretary Pete Hegseth is saying it won't be endless, but they're framing this as a major shift in regional dynamics. Marco Rubio's comments about harder hits coming didn't help market sentiment either.

What's really moving markets right now is the energy side. Oil's been climbing hard - Brent's up over 2 percent near $80 and WTI's heading toward $73. The big reason? Iran's Revolutionary Guard allegedly closed the Strait of Hormuz, which is basically the world's most important oil shipping lane. That's sent natural gas prices through the roof too, especially after Qatar shut down operations at its Ras Laffan LNG facility.

On the equity front, we saw a mixed session overnight in the U.S. The Nasdaq actually managed a 0.4 percent gain thanks to Nvidia's $4 billion photonics investment. The S&P 500 squeaked out a small gain. But the Dow dropped 0.2 percent as manufacturing data disappointed. European shares, though? They got hit way harder yesterday. The Stoxx 600 fell 1.6 percent, Germany's DAX tumbled 2.6 percent, France's CAC 40 was down 2.2 percent, and the UK's FTSE 100 shed 1.2 percent.

The dollar's holding onto its strength and gold's trading above $5,350 as investors seek safety. Treasury yields have edged up to 4.04 percent as people are basically pricing out expectations for Fed rate cuts. Asian markets were broadly lower too, with Seoul and Tokyo leading the decline.

Basically, the combination of geopolitical uncertainty, oil supply concerns, and inflation worries is keeping a lid on risk appetite across the board. Shares aren't exactly attractive when you've got this much macro uncertainty hanging over everything.