Russian President's Aide said Russia, Iran and China sent ships to the Strait of Hormuz to participate in the "Security Belt 2026" exercise, Al Jazeera reports (as expected)

Russian President's Aide said Russia, Iran and China sent ships to the Strait of Hormuz to participate in the "Security Belt 2026" exercise, Al Jazeera reports (as expected)

The reported joint military exercise by Russia, Iran, and China in the Strait of Hormuz signals a potential escalation in geopolitical tensions, particularly concerning U.S. interests in the region. This could elevate risk premiums in energy markets, notably oil and gold, as traders price in the likelihood of disruptions in key shipping lanes or increased military visibility. Watch for shifts in currency flows, particularly in the USD and JPY, as reactions unfold in response to these developments.