Global markets are showing signs of relief as a perceived pause in U.S.-Iran hostilities drives oil prices lower, lifting bond yields and equities across Asian markets. Singapore has responded to these energy-related inflation trends by tightening monetary policy. Yet, this market optimism contrasts with a volatile geopolitical backdrop. Regional security remains fragile, evidenced by the killing of a terror suspect following an attack at the Berlin Pride Parade, intensified Russian strikes against Ukrainian shipping and port infrastructure, and Iran’s accusation that Ukraine attacked an Iranian vessel in the Caspian Sea at Israel’s behest. While financial indicators are currently pricing in a stabilization of energy costs and potential conflict de-escalation, the hour confirms that active, high-stakes confrontation persists across the European and Middle Eastern theaters.