Overview

• Iran has asked regional allies to urge President Trump to pressure Israel into a ceasefire in exchange for flexibility on its nuclear program.
• Israel has carried out targeted strikes on Iranian nuclear and military facilities for a fifth consecutive day.
• Brent crude and West Texas Intermediate prices have climbed over 2% this week on concerns of supply disruptions and evacuation warnings in Tehran.
• Global equity benchmarks have held gains despite volatility, with the VIX climbing above 20 as investors stand ready to buy market dips.
• Traders widely expect the Federal Reserve to keep interest rates unchanged on Wednesday while offering guidance on potential rate cuts later this year.