Global equity markets rebound sharply despite oil supply disruptions, but remain fragile amid Iran conflict.

Global equity markets have seen a strong rebound recently, with the S&P 500 posting its best monthly gain in years, rising 10.5% in April. This recovery is notable given the severe disruption in oil supply caused by the ongoing conflict between the U.S. and Iran. However, the markets remain fragile as current pricing assumes a quick resolution to the conflict, while energy market dynamics suggest otherwise. The conflict is also accelerating several long-term investment trends, indicating ongoing volatility ahead.