Week of April 20, 2026
At present, oil prices are being driven by Iranian actions, and equity markets are reacting in turn to moves in oil. That dynamic continues to create a volatile back-and-forth in both markets. Given the fragile state of Iran’s economy and the underlying discontent within its population, the longer-term direction appears increasingly clear. Near-term volatility is likely to persist until it becomes evident that Iran’s strategic options are narrowing — a process that may unfold sooner rather than later. For now, our Signals remain unchanged.
Bob Bilkie, CFA
