March was very weak for the financial markets because of the war started by Israel and the USA on Iran. Amongst many retaliation measures, such as launching drones and missiles across the Middle-East, Iran closed the Strait of Hormuz, where about 20% of global oil demand passes through. This has quickly sent the oil price above USD 100.- per barrel. At the time of writing, the price for the Brent stands at USD 108.-/bbl (+50% in March only). The market is currently trying to price the impact on the inflation rate, which will likely go up (the consensus is expecting 3.4% in Q2 in the US, up from 2.4% today), as well as on the world’s economic growth.