The roundtrip

As we wrote last week, the key issue was never the headlines alone, but whether the conflict would turn into a lasting oil shock. For now, that is still not what markets are signaling.

As John Authers, columnist at Bloomberg Opinion, points out, Brent crude surged from around $84 to almost $119 and then fell back below $90 in less than 3 days. This tells us that sentiment remains fragile, but also that markets were not ready to sustain oil prices above $100 for long.

For our portfolio management, the message is clear: nothing has changed in our approach. We remain steady, disciplined and focused on fundamentals. We continue to monitor the same factors we highlighted last week: the duration of the shock, the reaction of central banks and the impact on an already softening macroeconomic environment.

So far, markets remain volatile but orderly. This is no time for emotional decisions, but for calm and consistent portfolio management.