Portfolio – Update, 23.03.2026

The escalating conflict between the USA plus its ally Israel and Iran has significantly exacerbated the geopolitical risks in the Middle East, causing noticeable volatility on financial markets in recent weeks. Joint air strikes have hit key military and political targets, including the country’s leadership. So far, this has not resulted in a power vacuum. The leadership continues to function, and the government and military retain their capacity to act for the time being. At the same time the situation is escalating regionally, with Israeli operations against Hezbollah in Lebanon and drone attacks on other states in the Gulf by Iran.