This time last year, we wrote about market volatility. Tariff fears were rattling investors, and the S&P 500 had fallen sharply. A year later, here we are again.

This time, the potential lingering effects of war with Iran, inflation and the blockade of the Strait of Hormuz are the drivers of volatility. The supply chain disruption from the war will have wide-ranging impacts, creating nearer-term inflationary pressures in other goods outside of oil.