The recent US and Israel strike on Iran has introduced a new layer of uncertainty to global markets, with investors closely monitoring the implications for oil & gas, and portfolios overall. How should investors interpret these developments and position themselves amid heightened geopolitical risk?

In this episode of Moving Markets: The View Beyond, Ayako Lehmann is joined by Norbert Rücker, Head of Economics and Next Generation Research, and Yves Klenk, Head of Client Coverage and Advisory, to discuss the market impact of the Middle East escalation. The conversation covers the immediate effects on oil and gas prices, the scenarios investors should consider, and how clients are responding to volatility across asset classes. The discussion also explores the role of gold, the importance of strategic asset allocation, and why infrastructure and alternatives are gaining traction as diversifiers in uncertain times.

(00:00) - Introduction
(00:48) - Assessing the current situation in the Middle East
(01:31) - Client reactions and portfolio positioning
(02:31) - Market responses: commodities and oil price dynamics
(03:31) - Key scenarios for oil and gas markets
(05:17) - The impact of shipping and insurance costs
(05:56) - Oil price outlook and investor implications
(07:01) - Broader market effects: equities and fixed income
(08:16) - Gold’s performance as a diversifier
(11:24) - Scenario analysis: prolonged conflict and market consequences
(12:39) - Harnessing volatility and portfolio strategies
(13:27) - Investment topics for the long-term
(15:25) - The enduring importance of strategic asset allocation
(16:32) - Closing remarks and legal disclaimer

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