Pakistan's army chief Asim Munir carried a final US ultimatum to Tehran during his visit yesterday, demanding Iran must concede its entire nuclear program or face large-scale attacks aimed primarily at the Pickaxe Mountain nuclear site, per Al-Akhbar citing leaks.

Pakistan's army chief Asim Munir reportedly carried a final US ultimatum to Tehran during a visit, demanding that Iran concede its entire nuclear program or face large-scale attacks aimed primarily at the Pickaxe Mountain facility. The transmission mechanism here runs through geopolitical risk premia and energy supply expectations: a credible threat of strikes on Iranian nuclear sites raises the probability of regional escalation, which typically lifts crude oil prices via fears of supply disruption through the Strait of Hormuz and tightens risk appetite across emerging-market assets. Iranian sovereign and corporate exposures, along with Gulf equities and oil-linked currencies, face the most direct repricing, while safe-haven demand is likely to lift gold, US Treasuries, and the Japanese yen. Traders should watch for Iran's formal response to the ultimatum and any official statements from Washington or Israel, as these will determine whether the risk premium in oil and regional assets persists or unwinds.

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