Trump Threatens Military Strikes on Iran ‘At Some Point’

The re-escalation of rhetoric around Iran matters for markets because it reintroduces a geopolitical risk premium that had faded after the earlier strikes. Energy and defense are the most directly exposed sectors, while risk assets generally price such threats with a lag unless they translate into action. The open question is whether this remains campaign-trail language or becomes policy, and whether the specific reference to Fordow signals a narrower targeting debate. Watch for any shift from words to operational signals.