By Mike Dolan

LONDON (Reuters) -What matters in U.S. and global markets today

I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X.

The alarming Israel-Iran war is keeping world oil prices volatile, but crude moves have not yet hit red-alert territory, and markets are now turning their attention to Wednesday's Federal Reserve policy decision.

I'll discuss this and all of the market news below. Be sure to check out today’s column, where I explain why the dollar’s decline may persist despite signs that 'short dollar' is already a crowded trade.

Today's Market Minute

* Thousands of people were fleeing Tehran on Wednesday after U.S. President Donald Trump said they should leave the capital, while a source said Trump was considering options that include joining Israel in attacking Iranian nuclear sites.

* Oil prices eased in Asian trade on Wednesday, after a gain of 4% in the previous session, as markets weighed the chance of supply disruptions from the Iran-Israel conflict against a U.S. Federal Reserve rates decision that could impact oil demand.

* While global energy markets are not yet pricing in worst-case scenarios for the Israel-Iran war, oil tanker rates are providing a good real-time gauge of the escalating risks, writes ROI columnist Ron Bousso.

* Energy equity investors are adjusting their positions in an attempt to pick winners and cut losers as President Donald Trump's tax-and-spending bill makes its way through the U.S. Congress. Read the analysis from ROI energy transition columnist Gavin Maguire.

* As debate rages around 'de-dollarization' and the world's appetite for dollar-denominated assets, one major cohort of overseas investors appears to be quietly backing away from U.S. securities: central banks. Check out the latest from ROI markets columnist Jamie McGeever.

Oil ebbs again as Fed meets

The intensity of the Middle East conflict went up several more notches overnight amid speculation the U.S. military would join the attacks on Iran.

The central question now is whether the U.S. air force would be involved in any attempt to take out Iran's underground nuclear enrichment facilities, particularly the Fordow plant.

An Israeli military strike on Iran's nuclear complex at Natanz directly hit the underground uranium enrichment operation there, the U.N. nuclear watchdog said on Tuesday, after initially reporting only indirect damage.