The dominant macro theme entering Tuesday's session is the US-Israel-Iran conflict, now in its third month, which continues to keep Brent crude above $103/bbl and WTI near $96.60/bbl — both well above pre-conflict levels despite a 7%-plus pullback from recent highs on cautious diplomatic optimism. Central banks globally are responding to the energy-driven inflation shock with a clear hawkish tilt: Norway's Norges Bank raised to 4.25%, the RBA has now hiked three consecutive times to 4.35%, the ECB is under mounting pressure to hike as early as June with eurozone inflation heading toward 4%, and the incoming Fed Chair Kevin Warsh has ushered in a regime widely expected to lean toward rate hikes rather than cuts. US 30-year Treasury yields hit a near 19-year high this week, underscoring the depth of the bond market's repricing, while VIX at 16.7 suggests equities are not yet pricing a full risk-off event — a complacency worth monitoring. Cross-asset signals are mixed but broadly constructive for Asia-Pacific equities: the Dow hit a fresh record close at 50,579.70, Taiwan's Taiex surged to an all-time high of 43,644 on Monday, and the ASX 200 extended its run to 8,692 on Monday following a 0.41% gain on Friday. For Australian investors, the key tension is the RBA's confirmed hawkish trajectory — with the cash rate at 4.35% and the bank's own forecasts pointing to 4.70% by year-end — weighing on rate-sensitive sectors like REITs and consumer discretionary, while elevated oil prices provide a genuine tailwind for ASX energy names. The AUD/JPY carry dynamic is widening as the BOJ holds and the RBA hikes, a structural shift that warrants close attention for currency-exposed portfolios.