Geopolitical risks rose in June as Israel launched attacks targeting Iran’s military leadership and strategic assets which then escalated to U.S. strikes on Iran’s nuclear infrastructure. Although the military conflict added further risks to a macro environment filled with uncertainty, equity markets proved resilient as investors reacted with relative calm to the geopolitical turmoil. Although oil briefly spiked during the conflict, broader impact has been relatively limited with equity markets reaching all-time highs by month end.