Executive Summary The US and Israeli military campaign against Iran, which began in late February, escalated throughout March, roiling markets and pushing energy prices markedly higher. The effective closure of the Strait of Hormuz by Iran, through which nearly 20 percent of global oil flows, reignited inflation and recession concerns, as oil and natural gas shortages impact transport costs and the prices of a wide range of global goods. Aside from energy sector stocks, global equities...