GOAL KICKSTART Focus on Middle East tensions - cross-asset implications from higher oil prices Last week both geopolitics and tariffs were back in focus. US-Iran tensions escalated, leading to a spike in crude prices. This happened despite a stronger US Dollar, supported by hawkish Fed minutes, jobless claims beating expectations (206k vs 225k forecast) and rising December PCE (+3.0% y/y vs 2.9%). Separately, after the Supreme Court invalidated IEEPA tariffs, President Trump announced a 10% global tariff, r ...