“My first read is that investors will not immediately price this as a full return to war, but they also cannot go back to the clean ‘peace dividend’ trade. The bigger point is that any path from ceasefire to durable peace now looks much longer and much more fragile...”

A divided market turns broadly lower on the prospect of renewed hostilities.

Brent crude futures were a long way below the war's peak prices but rose enough to wobble the bond market by increasing inflation risks.