March 2026 Market Commentary

Market Volatility and Geopolitical Tensions

Global equity and bond markets have fallen in the two weeks since America launched its air attack on Iran.

While the path of the conflict is impossible to predict, one of the most significant factors for global markets is the potential impact on energy supply, particularly the flow of oil through the Strait of Hormuz, one of the world’s most important oil transit routes. Any prolonged disruption to this supply could have meaningful implications for both the global economy and financial markets.