On Hyperliquid, a crypto exchange that has emerged as one of the largest venues for derivatives known as perpetual futures, an oil-linked contract climbed more than 4% to $90.99 a barrel in mid-afternoon New York trading. Gold rose 1.10% to $5,379.60 an ounce while silver was changing hands at $96.65 per ounce, up 1.88% over the past 24 hours.

The contracts trade around the clock and have become a popular way to speculate across markets outside traditional hours. They are typically settled in USDC, a stablecoin pegged to the US dollar.

“Crude oil prices are poised to surge when markets open on Monday,” Elias Haddad, global head of markets strategy at Brown Brothers Harriman, wrote in a note to clients. “However, investors should lean against overshoots in crude oil prices as global oil production continues to outpace global demand.”

Bigger Risks

While markets have often shrugged off geopolitical flare-ups — with stocks barely reacting to US strikes on Iranian nuclear sites in June — there’s a bigger risk that this conflict could hit the global economy as the turmoil deepens, wrote Ajay Rajadhyaksha, global chairman of research at Barclays Plc. He cautioned against buying any sudden dip in equities.

“The risk-reward doesn’t seem compelling,” he said. “If equities pull back enough (say over 10% in the S&P 500), there is likely to come a time to buy. But not yet.”

What Bloomberg strategists say …

“The market impulse after the weekend events will be risk-off, and there’s likely to be less appetite for dip-buying at least until further clarity emerges about the scope and duration of the conflict.”

—Michael Ball, Macro Strategist, Markets Live. For the full analysis, click here.

Energy and defense stocks will likely rally when equity trading gets underway, said Joe Gilbert, portfolio manager at Integrity Asset Management. Shares of Saudi Aramco, the state-run oil producer, climbed 3.4% on Sunday, the biggest jump in more than four months.

Any long-lasting oil price spike would muddy the case for Treasuries. While a flight to safety in markets would cause yields to fall, higher energy prices that feed through the economy and stoke inflation drive them higher.

“I’d expect yields down 5 to 10 basis points at a minimum on the initial move,” said Maxence Visseau, Dubai-based director of research at investment firm Arkevium. “But the complication is oil. If crude spikes toward $80 to $90 on any Hormuz disruption, the long-end gets caught in a tug of war between safe-haven demand and repricing of inflation expectations.”

Some of the main moves in markets:

Currencies

• The euro fell 0.3% to $1.1774 as of 6:52 a.m. Tokyo time

• The Japanese yen was little changed at 155.99 per dollar

• The offshore yuan fell 0.3% to 6.8841 per dollar

• The Australian dollar fell 1.2% to $0.7033

Bonds

Cryptocurrencies

• Bitcoin fell 1.6% to $65,685.8

• Ether fell 1.5% to $1,928.83

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Natalia Kniazhevich, Sid Verma and Muyao Shen.

Most Read from Bloomberg Businessweek

©2026 Bloomberg L.P.