Morning wrap: Indices climb despite shots fired in the Strait of Hormuz 📈 💥

An exchange of fire occurred in the Strait of Hormuz between US and Iranian forces. Both sides accuse each other of provoking the attack, which seriously threatens the existing ceasefire. President Trump described the strikes as a "love tap," threatening further escalation without a nuclear deal. The US announced a successful defense, while Iran reports US losses.

Earlier, according to Fox agency, American shots were fired at Iranian ports. Donald Trump stated that the exchange of fire occurred during the passage of attacked American destroyers through the Strait of Hormuz, while confirming that the ceasefire is still in effect.

US authorities (DOJ and CFTC) are investigating over $2.6 billion worth of short positions in oil contracts, opened just before key announcements regarding the US-Iran conflict. Misuse of material non-public information (insider trading) is suspected.

Oil resumes declines, falling below the closing price of the last two sessions: OIL (Brent) loses 1.8% to $101 per barrel, while WTI loses 2.25% to $95.50 per barrel.

Western stock markets are preparing for further gains despite the uncertainty, erasing most of yesterday's evening correction. US index futures are trading in the green: US100: +0.5%, US500: +0.4%, US30: +0.25%, US2000: +0.2%. EU50 adds 0.3%.

Asian markets are recording declines due to the escalation of the US-Iran conflict, despite optimism in western index futures. China's HSCEI loses 0.6%, Japan's Nikkei 225 and India's Nifty 50 pull back by about 0.4%, while South Korea's KOSPI is doing slightly better, losing only 0.1%.

FX: volatility on major currencies remains limited, suggesting investor uncertainty amid the current swing in sentiment. The Australian dollar is the strongest G10 currency (AUDUSD: +0.25%), while the Japanese yen loses, though not against the dollar (EURJPY: +0.1%, USDJPY flat) or Nordic currencies (USDNOK: +0.15%, EURSEK: +0.15%).

Crypto: a lack of clear direction is also visible here. Bitcoin is trading unchanged just under $80K, Ethereum loses 0.3% to $2280.

Precious metals continue their upward charge: gold gains 0.8% to $4726 per ounce, while silver adds another 2.5% and returns above $80 per ounce.

Joachim Nagel, President of the German Bundesbank, announced a possible interest rate hike in the Eurozone in June if prospects do not improve. According to the ECB board member, inflation will average 2.7% in 2026.