Iran War Energy Shock: Macro Outlook & Portfolio Strategy

The 2026 Iran war as the largest oil and gas supply disruption on record: the Hormuz blockade, the Ras Laffan LNG complex and 10M+ bpd removed from the market. Repositioning toward energy and defense and away from long-duration bonds, small caps and international DM, with ceasefire, protracted-war and escalation scenarios.

Published Mar 21, 2026. Views and model assumptions reflect the publication date and may have changed.