Market Update |  Iran war update Key Points: The war in Iran continues, with equity markets grinding a little lower and oil prices a little higher in the three weeks since our last update. There have been some positive developments on the supply side, with some tanker traffic being permitted to cross the Strait of Hormuz and a ramp-up in Saudi Arabia’s East-West oil pipeline. Asian economies remain the most exposed to higher energy prices and supply shortages, with the US eco

On 28 February 2026, Israel and the United States launched a coordinated military operation against Iran, codenamed Operation Epic Fury. The strikes targeted Iran’s leadership, nuclear programme, missile sites, military facilities and regime infrastructure. On 1 March, Iranian state media confirmed that Supreme Leader Ayatollah Ali Khamenei had been killed in the strikes, along with his daughter, son-in-law, grandson, and senior IRGC commanders. Iran responded aggressively, l