Oil prices surged past $70 per barrel as geopolitical tensions escalated in the Middle East, with investors increasingly pricing in the possibility of a U.S. military strike on Iran. The commodity's climb reflects growing concerns about potential supply disruptions in one of the world's most critical oil-producing regions.

Safe-haven assets rallied alongside the energy market, with gold pushing back above $5,000 an ounce as traders sought shelter from geopolitical uncertainty. Meanwhile, U.S. stock futures pointed to a weaker opening as investors digested hawkish Federal Reserve minutes that suggested continued monetary tightening.

The combination of geopolitical risk, rising commodity prices, and potentially aggressive central bank policy created a volatile trading environment. Market participants positioned for various scenarios, with energy stocks potentially benefiting from higher crude prices while consumer-facing companies faced margin pressures from increased input costs.