WSJ: Trump faces divisions within his advisory team over whether to end the conflict with Iran or resume military action.

The Wall Street Journal reports that President Trump's advisory team is divided over whether to end the conflict with Iran or resume military action, according to the headline. The primary market transmission channel is geopolitical risk premia feeding into energy and safe-haven pricing: escalation expectations typically lift crude oil through supply-disruption concerns in the Gulf, while a credible de-escalation path tends to compress that premium and reduce demand for gold, the Japanese yen, and Treasuries. Oil futures, tanker and defense equities, and Gulf-region currencies and sovereign spreads are the most directly exposed, with the magnitude of moves depending on whether traders read the division as signaling imminent action or prolonged ambiguity. The next concrete catalyst to watch is any official White House or Pentagon statement clarifying the administration's position, alongside weekly EIA crude inventory data, which will show whether physical markets are pricing in supply risk.

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