Russian President Putin holds a call with Saudi Crown Prince MBS, Tass reports; the two discussed events in the Middle East, and are concerned about risks of escalation

• Putin urges the need to resolve the situation via diplomatic means

The conversation between Putin and MBS highlights escalating tensions in the Middle East, with both leaders emphasizing the importance of diplomacy to resolve the situation. This kind of dialogue can stabilize markets in the short term, but geopolitical risks remain a concern, especially for commodities like oil and gold, which may respond to any developments. A failure to de-escalate could lead to volatility in energy prices and impact currencies sensitive to geopolitical risks, such as the USD and EUR.