The Iran interim deal is the best market outcome possible, reopening the Strait of Hormuz short-term. However, Iran retains leverage (monetizing chokehold, funding proxies) and diplomacy without force encourages 'cheating'. China has weathered the storm via inventory buildup and diversified energy strategy. Israel is the loser.

Nobody can know AI stock valuations; investors should limit AI exposure and focus on inputs (semis, memory). Iran deal could push oil to $70, creating a tailwind for broadening equity markets and allowing central banks to cut. Europe is undervalued and pessimism is overdone. UK gilts already price in political uncertainty, presenting opportunity.

Ukraine's energy system is stable despite 70-80% of generation destroyed three times and recovered. DTEK invested €2.4 billion during the war, building a 200MW battery storage project in record time. Ukraine is investable now, not after the war. The Strait of Hormuz crisis shows the fragility of gas supply, making Ukraine's domestic resources and storage critical for European energy security.