March 2026 will be remembered as the month geopolitics seized control of global markets. The US-led military intervention in Iran, which began on 1 March, evolved over four weeks from a shock event that most investors expected to be short-lived into what the IEA has labelled the greatest energy security threat in history. It has redrawn the map for equities, bonds, currencies and commodities in ways that will reverberate well beyond the month's end. 

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