As markets on Friday morning present a mixed picture. While oil prices surged rapidly after Trump's statement on Iran, cryptocurrencies and stocks faced significant losses. I also observe these fluctuations in my portfolio and, frankly, it has become difficult to take positions in this tense environment.

WTI approached $90 per barrel, which pulled Nasdaq futures down by 1.8%. Bitcoin didn't follow suit — it is currently trading around $74,000 with a 5% decline. As I follow crypto news on Google, I see how quickly such geopolitical shocks can impact the markets.

But the real issue is this: in February, the US lost 92,000 jobs, and unemployment rose to 4.4%. As Heather Long also pointed out, the economy has been net losing jobs since April 2025. Normally, the Fed would cut interest rates at this point, but inflation remains above the 2% target. Markets are pricing in a 4% chance of a rate cut in March — meaning almost no expectation. When geopolitical uncertainty, weakening employment, and high oil prices move together, risk assets are punished in this way. Caution is needed in the near term.