Recent Iranian missile and drone strikes on Bahrain, Kuwait, and Jordan in early November 2026, framed as retaliation for U.S. airstrikes, represent the dominant driver of market positioning. These attacks followed a pattern of Iranian operations against Gulf states hosting U.S. facilities during the ongoing regional conflict, prompting GCC condemnation for undermining dialogue and sovereignty. Traders monitor escalation signals around the Strait of Hormuz, energy infrastructure threats, and any diplomatic openings or renewed U.S.-Israeli actions that could prompt further Iranian responses within resolution windows. Historical precedent shows such strikes often cluster during active phases of confrontation, shaping assessments of near-term probability.