COMMENT | The year has thus far been defined by escalating geopolitical instability. Following US intervention in Venezuela and the capture of its president, a more systemic shock emerged.

On Feb 28, the US and Israel launched coordinated strikes against Iran, and Tehran retaliated with attacks on US military outposts across West Asia. 

Hostilities remain ongoing, while additional US military assets to the region remain in transit, suggesting additional phases to the conflict.

Additionally, Tehran has ruled out ceasefire negotiations while US and Israeli strikes continue, and Iranian leaders have signalled the possibility of escalating retaliation across the region.

Disruptions to the Strait of Hormuz, which handles around a...