US President Trump could turn to military action without an Iran agreement ahead of the China trip, Axios reports citing US officials

The report suggests a significant escalation risk in US-Iran relations, potentially impacting global markets ahead of President Trump's trip to China. Increased military action could drive safe-haven demand for assets like gold and bolster volatility in equities and currencies, particularly affecting the USD and oil prices. Traders should monitor developments closely for implications on risk sentiment and positioning across several asset classes.