Middle East geopolitical escalation dents risk sentiment

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Markets kick off the week on Monday on a tepid footing, as they take account of the weekend’s developments on the geopolitical front.

Geopolitical tensions between the West and the Middle East further escalated after the United States (US) and the United Kingdom (UK) conducted a new wave of air strikes on the Iran-backed Houthi militant group in Yemen on Saturday, hitting at least 30 targets.

The latest strikes come after Friday’s air assault aimed at other Iran-backed groups in Syria and Iraq, along with the Iranian Revolutionary Guard, seeking retribution for the drone strike that left three US service members dead in Jordan,” per the Associated Press.

In retaliation, Yemen’s Houthi rebels on Sunday vowed to extend their military operations and threatened to respond to the latest set of strikes by the US and the UK over the weekend.

Ameen Hayyan, a spokesman for the group, warned Sunday on X, the latest US and UK attacks “will not deter us from our moral, religious and humanitarian stance” in support of the Palestinians in the Gaza Strip.

The attacks “will not pass without response and punishment,” Hayyan added.

At the time of writing, the US Dollar is trading 0.14% higher on the day at 104.07 while the US S&P 500 futures, a risk barometer, are down 0.23% so far.

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