“This is the new status quo; it’s an uneasy equilibrium, but an equilibrium nonetheless. You just need to factor in the volatility in your asset allocation.”

Oil prices added to the cautious tone after the U.S. started a "series of powerful strikes" against Iran on Tuesday evening.

Oil prices surged as the United States conducted airstrikes and revoked waivers for Iran. Asian stocks remained largely unchanged while investors assessed the geopolitical…