The geopolitical backdrop is elevated: Iran-related tensions are spiking across multiple news vectors (Hormuz revenue deal with Oman, Trump "D-Day" sanctions rhetoric, internal power consolidation under Khamenei), creating a risk-off undercurrent that is lifting Gold (+1.32%) while equities and crypto consolidate. DXY is flat at 99.15 and VIX remains calm at 15.2, suggesting the broader market has not yet priced in a hard risk-off shock — but Hormuz/Iran escalation is the key tail risk for today. No major economic data releases are scheduled today. The macro bias is formally NEUTRAL but skewed toward caution given geopolitical noise.