Globally, Q1 2026 was defined by geopolitical shock. On January 3, the US military captured Venezuelan President Nicolás Maduro, swiftly flying him to the United States to face charges including narco-terrorism. The quarter's most seismic event came in late February, when the United States and Israel launched strikes on Iran, killing Supreme Leader Ali Khamenei and triggering retaliatory attacks that left thousands dead, millions displaced and global energy markets in turmoil. Iran's closure of the Strait of Hormuz sent oil prices surging, with ripple effects felt across economies worldwide.
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