US President Trump says Israel should not worry about a renewed war with Iran.

In past episodes of this kind, the transmission has run through crude, with the war premium in Brent and WTI built around supply-disruption scenarios in the Gulf, and secondarily through haven demand in gold, the yen and the franc; reassurance has historically unwound only part of that premium, with freight and insurance costs and options skew slower to normalise than the flat price. The relevant distinction is between rhetoric that accompanies active diplomatic or military back-channels and rhetoric that substitutes for them; the former has tended to stick, the latter to fade within sessions. The actor's prior form matters here: this president has oscillated between maximal pressure and abrupt conciliation on Iran, and markets have learned to discount single statements accordingly. Worth watching are follow-ons from Tehran and Jerusalem rather than further Washington commentary, plus any movement in Gulf shipping advisories or force posture, which have been the more reliable tells than official remarks.