Middle East wealth management customers have been diversifying booking hubs globally for years. Flows out of the region have been benign. It remains a long-term hub for capital.

Trade has been massively disrupted far beyond Middle East, particularly towards Asia. ~800 ships still locked up. Strait passage dropped to 5-10 ships at best. Impact will be felt in price AND availability of goods (oil, refined products, fertilizers, metals). Continuation of conflict will have global impact.