The quarter as a mirror image

The second quarter of 2026 was the mirror image of the first. Where March had been dominated by the war around Iran, surging oil prices and the return of inflation fears, spring was a season of easing. The truce announced on 8 April held, the geopolitical risk premium gradually deflated, and markets did what they do best when fear recedes: they looked ahead once again. As a result, most of the first quarter’s losses were erased, then largely surpassed. More info