Iran sanctions: The other geopolitical risk

In this issue:

• Middle East tensions are likely to rise again with renewed sanctions on Iran set to begin this August.

• The Trump administration's stated intention is to put "unprecedented financial pressure" on the Iranian regime.

• While the U.S. - North Korea tensions de-escalated with little market impact, it is unclear that the developments with Iran will have such a settling outcome.

• Iran has threatened to close the Strait of Hormuz, one of the world's most important trade routes. We believe such an event is unlikely.

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