Mirovα, Creating Sustainable Value - April 2026

Key events - March 2026

• Iran: The U.S.-Israeli attack launched on February 28 led to the blockade of the Strait of Hormuz. The largest energy disruption in history.
• Markets: Stoxx 600 down 8%, S&P 500 down 5%. Strong rotation toward energy and utilities. Rates rise, gold falls 12%, the dollar acts as a safe haven.
• Central banks: Fed and ECB in wait-and-see mode. The market anticipated up to three ECB rate hikes and zero Fed rate cuts in 2026

Number of the month

$ 118

Brent closing price at the end of March, up more than 65% over the month.

Source: Bloomberg, March 2026

Macro outlook

• Iran: Ceasefire contingent on the reopening of the Strait of Hormuz and developments in Iran’s nuclear program.
• United States: Macroeconomic indicators remain robust despite the sharp rise in energy costs. Part of the decline in purchasing power will be offset by the tax cuts planned under the Big Beautiful Bill
• Eurozone: More vulnerable than the US to rising energy prices. Headline inflation at 2.5% in March year-over-year. German plan as a bulwark against recession.
• China: Strong start to the year, industrial production rebounding, PMIs stabilizing around 50.