[MARKET UPDATE] Oil surges, stocks hit, dollar bid, T-notes and gold sold after Tasnim reports Iran decision not to attend Pakistan is final, while AP reports Vance has called off the trip

The news regarding Iran's final decision not to attend the Pakistan meeting, coupled with the cancellation of Vance's trip, could signal escalating geopolitical tensions in the region. This has likely spooked investors, leading to a surge in oil prices while simultaneously pushing stocks lower and increasing demand for safe-haven assets such as the dollar and gold. Watch for further market reactions as the situation develops, especially implications for oil supply stability and broader risk sentiment.