The war between the US and Iran is in its fifth month, and last week it escalated from military exchanges into something more dangerous for investors: the use of the world's energy arteries as a weapon. Brent crude has broken above $100 per barrel, its highest in two months, and has risen 40% since the start of July.
Everyone wants to know when the war will end, but the more useful question for a portfolio is whether the cost of fighting on is high enough to make either side back down. So far, the answer is no.
