Iran says ‘proportional response’ phase over, warns of faster retaliation

This escalation signals a shift from calibrated deterrence to a more volatile posture, which could heighten regional risk premiums across markets. The direct implication is that any incident, however small, may now trigger outsized reactions, making geopolitical risk harder to price. For crypto and RWA markets, which often react to macro uncertainty, the key is whether this rhetoric translates into sustained friction or remains a one-off warning. The open question is whether other actors respond in kind, potentially creating a feedback loop that keeps sentiment fragile.