Geopolitical oil

Oil prices jumped again after renewed strikes between Israel and Iran, with Brent briefly up over 5%. The real concern for markets at the current stage: a potential disruption of the Strait of Hormuz, a critical route for ~20% of global oil flows.

Behind geopolitical shocks, we are present in the energy sector for as long as we find companies that, in our view, offer undervalued earning power. In our European Value Fund, for example, we are invested in TotalEnergies, Equinor, and Subsea 7 — resilient, cash-generative businesses positioned for both conventional and transitional energy demand.