The Trump administration is closer to a major war with Iran than people realise, Axios reports citing sources; a military operation would likely be a massive, weeks long campaign that will be a joint US-Israeli attack

• "The boss is getting fed up. Some people around him warn him against going to war with Iran, but I think there is 90% chance we see kinetic action in the next few weeks," one official said.

The Axios report highlights growing tensions between the Trump administration and Iran, suggesting a significant military operation is increasingly likely. This escalation could have widespread implications across various asset classes, particularly in oil markets and related currencies, as geopolitical stability is crucial for energy prices and risk sentiment. Traders should monitor fluctuations in commodities and the USD, as well as safe havens like gold, in response to this evolving situation.