Brent crude futures rose about 7% in early Asian trading to $96.85 a barrel, while S&P 500 futures fell roughly 0.9%, reflecting a shift toward risk aversion among investors. Currency markets also reacted, with the euro easing 0.3% to $1.1735 and the Japanese yen weakening about 0.2% to 158.95 per dollar.

The moves followed conflicting signals on diplomacy after Iran rejected new peace talks with the United States, according to state media, hours after U.S. President Donald Trump said Washington would pursue negotiations while warning of further military action if Tehran refused its terms.

Market sentiment was further pressured by rising tensions at sea after the United States said it had seized an Iranian cargo vessel attempting to breach its blockade, adding to uncertainty around energy supply routes.

The renewed closure of the Strait of Hormuz a key transit corridor for global oil and gas shipments — reversed sharp gains in equities and bonds recorded on Friday, when Iran’s brief reopening of the passage had fueled hopes of de-escalation and sent oil prices lower.

Analysts said markets are recalibrating expectations after what some viewed as an overly optimistic rally. Michael Brown, senior research strategist at Pepperstone, said investors were unwinding positions as geopolitical risks resurfaced, though underlying expectations of continued dialogue between the two sides remain a moderating factor.

“If it is confirmed that talks will not proceed, markets could shift more decisively into risk-off mode,” Brown said, noting that much of Friday’s bond rally could reverse under sustained uncertainty.Global equities had rallied last week, with Wall Street indexes reaching record highs, supported by easing oil prices and expectations of strong corporate earnings.

Bond yields also declined, with the benchmark U.S. 10-year Treasury yield falling to its lowest level since mid-March.The U.S. dollar, which had weakened in recent sessions as safe-haven demand eased, edged higher on Monday, with the dollar index up around 0.2% in early trading.

Analysts cautioned that recent market moves suggest heightened volatility ahead. Marc Chandler of Bannockburn Capital Markets noted that the Nasdaq’s extended rally and the dollar’s recent declines indicated markets may have been pricing in a more optimistic scenario than current geopolitical conditions support.

Investors are now closely monitoring developments in the Iran conflict and any signals on diplomatic engagement, as well as upcoming corporate earnings, for direction in global markets.

The initiative, developed in partnership with the cricket boards of India (BCCI), England (ECB), and Australia (CA), will include direct financial assistance, high-performance training, access to world-class facilities, and mentorship opportunities. The ICC called it a “comprehensive support programme” aimed at helping these athletes “continue pursuing the game they love.”

“At the ICC, we are deeply committed to fostering inclusivity and ensuring every cricketer has the opportunity to shine, regardless of their circumstances,” said ICC Chairman Jay Shah. “This initiative reflects our dedication to cricket’s global growth and its power to inspire unity, resilience, and hope.”

From National Team to Exile

Before the Taliban takeover, the Afghanistan Cricket Board had made a promising move—contracting 25 women players to form the foundation of a national side. But with the regime’s crackdown on women’s rights, the team was swiftly disbanded. Most of its members fled the country, seeking refuge primarily in Australia.

Now living in exile, these women have clung to the game that once gave them purpose and pride. Earlier this year, they played their first match in Melbourne as an unofficial team, drawing attention and admiration from around the world. In a powerful moment last July, former national team members penned a letter to the ICC requesting recognition as a refugee team.

In a heartfelt message, Wazhma Ayoubi expressed deep appreciation for the support extended to Afghan female cricketers. “We extend our sincere gratitude to Mr. @JayShah, @BCCI, and all other parties involved. Your efforts are truly appreciated, thank you for not forgetting our female cricketers ,” Ayoubi remarked.

Global Solidarity

Cricket Australia CEO Todd Greenberg welcomed the ICC’s move, saying it would help displaced Afghan players “improve their cricket and play at the highest possible level.”

“We remain extremely grateful to the Australian cricket community for helping resettle these women and provide playing opportunities,” he added.

Richard Gould, chief executive of the ECB, echoed the support. “We have long advocated for meaningful funding to support female players from Afghanistan. We want the Afghanistan women’s team to continue being a beacon of hope for all women and girls.”

The announcement comes at a time when global concern over the Taliban’s treatment of women remains high. Women in Afghanistan are now barred from most educational, professional, and athletic spaces. Critics say the country’s exclusion of women from public life should disqualify it from participating in international sport altogether.

Mounting Pressure

In March, Human Rights Watch publicly called on the ICC to suspend Afghanistan’s membership, citing the Taliban’s gender-based restrictions as a violation of cricket’s core values. But while the ICC has maintained its support for the men’s team, this new initiative signals a shift toward more direct engagement with the issue of gender equity in sport.

Though it stops short of granting the exiled Afghan women official team status, the task force is a significant step toward recognition—and, more importantly, a lifeline for athletes who’ve lost their country but not their passion.

Cricket, in this case, is more than a game. It’s a vehicle for dignity, resistance, and hope. And with the ICC’s new initiative, the world is listening.