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War

Apr 08 2026

Broken Up By War—Changing Relationships In A Changing World

  • Apr 8, 2026

For much of the last year, we’ve noted markets have persistently underpriced geopolitical risk, treating it like background noise versus a real threat. Recent events have forced a correction to that stance. Oil, in turn, has reclaimed its function as a geopolitical risk hedge—a role it had abandoned for a long time.