In the early hours of Saturday, February 28, President Donald Trump announced on social media “Operation Epic Fury,” a large-scale military attack against Iran with the explicit objective of toppling the Iranian regime and permanently destroying its nuclear facilities. The airstrikes, carried out jointly by the United States and Israel, triggered an unprecedented response in the form of several hundred missiles launched at least half a dozen neighboring countries, plunging the Middle East into chaos that continues as of this writing.
Unsurprisingly, oil prices are reacting sharply higher, as are gold and the U.S. dollar, both of which are playing their role as safe havens. Read our Quick Take about the ongoing situation.