Market expert Rahul Chadha in an interview to ET Now said that markets are closely watching the evolving situation between Iran, Israel, and now the US. A key concern is whether oil infrastructure across the Middle East, especially in the GCC region, could be targeted as part of retaliatory moves. Another variable is whether traditional supporters of Iran—like Russia or China—get drawn into the conflict. If the tension remains confined to just Iran, Israel, and the US, and the situation de-escalates after a few retaliatory attacks, markets are likely to stabilize.