This week, nearly every asset circled back to the same two forces: the Iran conflict and Treasury yields. The Israel-U.S.-Iran war escalated further, oil pushed to fresh highs, and that mix of energy prices and safe-haven demand rippled into currencies, metals, equities, and crypto. Wall Street also sat through some of the year's most closely watched earnings, and results from Alphabet and Tesla reopened a debate about whether AI spending is starting to outrun AI payoff, one that spilled into chipmakers, the broader market, and Bitcoin alike. Add a Federal Reserve meeting just days away and a fresh round of U.S. tariffs kicking in, and traders had plenty of reasons to stay on edge. The dollar, gold, stocks, Bitcoin, and oil each worked through that backdrop in their own way.