Global markets are grappling with a compounding set of headwinds as the ongoing oil supply shock from the Iran conflict intersects with renewed trade policy volatility.
The convergence of energy insecurity and tariff uncertainty is creating a difficult environment for risk assets, with investors struggling to price in the dual impact on inflation and growth.
The Trump administration's announcement of a new round of tariffs targeting dozens of countries has added a significant layer of uncertainty.
The energy complex remains under pressure as shipping disruptions and supply concerns persist in the Middle East.
Brent crude and WTI have been volatile, reflecting the market's sensitivity to any further escalation in the region.
This supply-side risk is now being amplified by the prospect of broader trade barriers, which could exacerbate cost pressures across global supply chains.
The Trump administration's announcement of a new round of tariffs targeting dozens of countries has added a significant layer of uncertainty.