By now, everyone knows what’s happening as the US and Israel strike Iran. Here is the state of play one hour into futures trading:

• WTI crude up $5.37 to $72.40 (about 8%)
• Gold up 2% to $5385
• The US dollar leads in FX, narrowly ahead of CHF
• AUD/USD is the biggest mover, down 60 pips (or 0.82%) to 0.7054
• Nikkei 225 opens down 1.5%
• Bitcoin flat near $66K

The latest war headline: Israeli military says it continues to carry out large-scale strikes against targets across Tehran.

I’m somewhat surprised that USD/JPY is up 65 pips to 156.68. It’s creeping up on last week’s high.

I think many things are trading off oil and trying to figure out if that reverberates back into inflation or fades. There is certainly going to be something of a shock at the gasoline pumps in the next few days as it stands, but there is still +20 hours left in today’s oil trade.

This article was written by Adam Button at investinglive.com.