Global Daily: "Khamenei dood. Wat nou?"

Five trading days into the war, the thing markets keep tripping over is the sheer uncertainty around how long the US-Iran war will drag on. The immediate channel is energy security: is the Strait of Hormuz open or not, how vulnerable is Gulf oil and gas infrastructure, and how much of this is currently priced in? From there it spills into the usual buckets: risk appetite, growth scares, inflation jitters, and whatever central banks can do about it all.