Global markets have experienced significant volatility over the past week due to geopolitical tensions and shifts in monetary policy. According to BlockBeats, the confrontation between the United States and Iran has entered a phase of military pressure combined with diplomatic maneuvering. This has led to restricted passage through the Strait of Hormuz, driving oil prices back to high levels and significantly raising global inflation expectations.In this context, the Federal Reserve's policy outlook has undergone a critical shift. Several officials have signaled a hawkish stance, prompting the market to quickly move from betting on rate cuts this year to maintaining high interest rates for a longer period, even considering the possibility of further rate hikes. The U.S. dollar index has climbed back above 100, and U.S. Treasury yields have risen, indicating a tightening of global liquidity expectations.Asset performance has varied significantly: gold has remained volatile at high levels, while oil has emerged as the strongest asset. U.S. stocks have faced downward pressure, with all three major indices posting weekly losses, led by declines in technology stocks. In the foreign exchange market, the Japanese yen has continued to weaken, approaching a critical intervention range, while non-U.S. currencies have generally been under pressure.Meanwhile, significant changes have occurred in global policy and capital flows. Japan has released large amounts of strategic petroleum reserves and is considering intervening in oil prices through the futures market. Singapore is accelerating its efforts to establish itself as a gold trading hub, and Turkey is heavily utilizing its gold reserves to address liquidity pressures.Overall, the market has entered a high-volatility cycle driven by geopolitical conflicts, inflation, monetary policy repricing, and asset revaluation. In the short term, the main focus remains on developments in the Middle East and the policy paths of global central banks.