Broker name: UBS Switzerland AG

Date of report: 3 March 2026

Excerpt from UBS Switzerland AG report:

• Report Summary
• Global markets declined following escalated US-Iran conflict, with energy stocks up amid sharp oil and gas price increases. The US announced insurance and security support for ships in the Strait of Hormuz after attacks on embassies, ports, and oil facilities.
• Energy price disruptions, including halted Qatar LNG production, pushed oil, gas, and shipping costs higher and raised inflation concerns, but UBS expects the supply disruption will be brief, with stock markets recovering post-volatility.
• The conflict increased geopolitical risk premiums for MENA assets, but global investor exposure remains relatively low; high-quality bonds with sovereign backing are favored to manage risks.
• UBS sees the inflationary and economic impact as less severe than the 2022 European gas crisis, due to lower dependency and current disinflation trends.

Above is an excerpt from a report by UBS Switzerland AG. Clients of UBS Switzerland AG can be the first to access the full report from the UBS website: https://www.ubs.com