President Donald Trump is expected to decide in the coming days whether to expand military operations against Iran and return to full-scale combat, senior U.S. officials told Fox News on Monday.

• The officials stressed that no final decision has been made.
• "If Trump orders a return to full-scale military operations, the campaign would be "far more intense and extensive" than the nine consecutive nights of U.S. airstrikes that began July 7, which have primarily targeted Iranian military assets linked to operations around the Strait of Hormuz , the officials said."
• One official also confirmed that U.S. forces have largely avoided strikes near Tehran and against Iran's nuclear facilities.
• "That could change if there is a return to full-scale war operations," the official said.

The potential expansion of military operations against Iran speaks to escalating geopolitical tensions that could lead to significant market repercussions. A decision to return to full-scale combat would likely spike crude oil prices and heighten volatility in FX markets, especially for commodities-sensitive currencies and safe-haven assets. Traders should monitor how this evolving situation might impact risk sentiment and sector-specific responses in equities and energy markets.