Narrative flips from AI to Middle East, but Tech hasn’t said its last word

Oil volatility, rising yields and geopolitical tensions are back in focus — and markets are feeling it. A fresh escalation in the Middle East sent crude prices surging before easing slightly, reminding investors how quickly sentiment can flip from optimism to risk-off. As oil pushes higher, the narrative shifts from supply concerns to demand destruction, with inflation fears and hawkish central bank expectations returning to the forefront. At the same time, the US dollar is regaining strength, weighing on gold and tightening financial conditions globally. Equity markets are reacting, with pressure on European stocks and renewed uncertainty around trade dynamics. Meanwhile, the spotlight turns to tech, with key earnings from AMD set to test whether the AI rally can hold in a more fragile macro environment. Can strong fundamentals offset rising geopolitical risks — or is volatility here to stay? Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.