SAA Monthly Investment Update: April 2026

The Iran conflict is now in its third month. The Strait of Hormuz remains partially blocked, and global oil inventories are drawing down fast. Resolution likely within two months - but each week of delay tightens the squeeze.

Bond markets are now pricing zero rate cuts in 2026 - and only one quarter-point cut by the end of 2027. The Fed has raised its long-term view of where rates settle to 3.0% - a signal that rates may not return to the lows of the last cycle.