The US-Iran conflict is escalating, with more energy facilities being targeted and oil prices continuing to rise.

This affects more than just Bitcoin and the S&P 500. The hardest hit will likely be emerging market equities.
Most EM countries are net oil importers, meaning higher oil prices directly impact government spending and fiscal budgets.
Through the MSCI Emerging Markets ETF, we can see how EM equities tend to top out not long after oil prices rise.