Summarising the current impact of Israel-Gaza-Iran tensions on financial markets

Israel-Gaza tensions have been evident since October 2023, so not a new situation;

Global diplomatic efforts have intensified in an effort to avoid escalation of tensions;

Brent crude oil price around $90/barrel already incorporates a substantial geopolitical risk premium, but which has not increased of late;

Gold prices continue to rise towards $2400/ounce, but driven not by investor safe-haven demand, rather by central bank and Chinese consumer buying;

Previous periods of regional conflict have had a surprisingly limited and short-term impact on global financial markets historically;

Bigger impact on markets thus far has rather come from upside US inflation and growth surprises pushing US Treasury yields and US dollar higher, pressuring stock markets after a strong 6-month advance