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We are pleased to present another session where we explored the implications of the Middle East geopolitical situation on global markets and portfolio positioning. Although the human and economic cost of the Middle East situation has been significant, the global market impact has been limited so far. Crude oil prices – the main transmission channel from regional tensions to asset prices – have risen above levels seen during last year’s 12-day Israel–Iran conflict but remain well below the levels observed following the outbreak of the Ukraine conflict. We expect oil prices to drop back to pre-conflict levels as the crisis subsides in a few weeks, given global oil reserves remain ample once Gulf oil starts flowing again. Watch to know our latest views and insights on how to navigate markets in the current environment.