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Sign InOil prices extended their rally to hit one-year highs following reports of direct Iranian retaliation against U.S. strikes. This escalation has significantly heightened geopolitical risks, moving beyond general supply concerns to a direct military confrontation. Alongside the surge in crude, the Volatility Index (VIX) experienced a sharp spike, signaling a surge in global market anxiety. Analyst Kevin Green warned that these developments could trigger a substantial and sharp downside move across broader financial markets. While energy-related instruments like XLE and USO remain supported by high prices, the wider equity landscape faces increasing pressure. Investors are now closely monitoring the potential for a wider regional conflict that could disrupt global economic stability.