2 U.S. soldiers killed. The U.S. military admitted last night that Iran's missile attack on the U.S. base in Jordan has resulted in the deaths of 2 U.S. soldiers, 1 missing, and 4 others injured. This marks the first U.S. military fatalities caused by Iranian fire since late March. So far, at least 16 U.S. soldiers have died in the 5-month-long conflict with Iran. All I can say is that the situation is escalating further. Clearly, after two weeks, there are still no signs of de-escalation from either side. With U.S. casualties now involved, this has become even more serious. In the short term, it's unlikely that Trump will back down—he's bound to maintain a tough stance. As we discussed yesterday, after the conflict broke out on the 7th, oil prices started to rebound but not significantly. Then, this week’s CPI and PPI data came out strong, so in the short term, the market might overlook the impact of the U.S.-Iran conflict. However, if there are still no signs of de-escalation after two weeks and oil prices break through resistance levels, the market's patience will wear thin. So, before any de-escalation happens, the market might start pricing in the possibility of the conflict escalating further. This post is sponsored by @bitget_zh: 'Bitget - Trade U.S. Stocks: Instant Entry, Seamless Trading'.