Today is not a good day. The military conflict is intensifying. The impact on finacial markets is not good. Everything is down, gold and silver. Precious metals miners falling shaply too. • Strait of Hormuz effectively shut — 20 million barrels/day off the market • Brent crude at $119, Goldman warning of $150 by month-end • G7 emergency meeting today on strategic petroleum reserve release — will it be enough? • Iran's new Supreme Leader is Khamenei's son — hardliners in control, no diplomacy in sight • US nonfarm payrolls collapsed: minus 92,000 vs forecast of +55,000 • Unemployment up to 4.4%, sixth monthly decline in payrolls since January 2025 • Q4 2025 GDP just 1.4% annualised — down from 4.4% in Q3 • Core PCE inflation stuck at 3.0% — 50% above the Fed's target • Fed trapped: economy needs cuts, inflation says no • Oil above $100 makes H1 2026 rate cuts virtually impossible • Textbook stagflation setup assembling in real time • Gold only at $5,050 despite geopolitical chaos — dollar strength holding it back • Nikkei down 5.2%, Kospi triggered circuit breakers at minus 6% • Bond yields rising on inflation fears, not falling on recession fears — unusual and dangerous • Trump says oil spike is "a very small price to pay" — Republican cracks appearing • Energy Secretary claims US isn't targeting Iran's energy infrastructure — overnight strikes say otherwise • Gulf states dragged into the crossfire — drone intercepts over Saudi, Kuwait, Bahrain, UAE • UK RAF bases confirmed in use to support the strikes • Emerging markets and energy importers under acute stress