The US, in collaboration with Israel, has launched an attack on Iran on Saturday, 28 February 2026, despite an attempt by Oman mediators to extend “diplomacy measures” for another round of negotiation talks over Iran’s nuclear stockpile.
The past 48 hours have seen a flurry of attacks from both sides, with Iran’s retaliation bombardments on US military assets spread across the Middle East in the United Arab Emirates, Kuwait, Bahrain, Qatar, Saudi Arabia, Jordan, and Oman.
The latest US-Iran conflict is likely not going to be a “symbolic attack” akin to last summer, as US President Trump said the US military will continue bombing Iran until his objectives are achieved, despite the confirmed death of Iran’s supreme leader, Ayatollah Ali Khamenei.
In today’s Asia session, market participants are generally adopting the strategy of “haven first, ask questions later” amid heightened concerns about the potential closure of the Strait of Hormuz by Iran, a key chokepoint for global oil flows, which can trigger an upward spiral in oil prices.
Here are the intraday performances of key asset classes at the time of writing:
- S&P 500 and Nasdaq 100 futures down around 0.9%
- Japan’s Nikkei 225 down 1.5%
- Hong Kong’s Hang Seng Index down 1.4%
- West Texas crude oil up 6% to around $71.40 per barrel
- Gold (XAU/USD) up 1.6% to around $5,360 per oz
- US Dollar Index up 0.3%
- Japanese yen down 0.5% to 156.80 per dollar
- Swiss franc almost unchanged at 0.7690 per dollar
- Bitcoin (BTC/USD) up 1.7% to around 66,880
Let’s look at the short-term technical outlook and key levels on Gold (XAU/USD), WTI crude oil, Nikkei 225, and AUD/USD
