May 2026 Global Markets Commentary Carol Schleif, CFA, SASB-FSA, Chief Market Strategist Resounding Resilience "When everything seems to be going against you, remember the airplane takes off against the wind, not with it." – Henry Ford
Most global equity indices turned in a surprisingly robust performance in April despite the unresolved Middle East conflict. Transit of everything (including dry goods) remained at a virtual standstill in the Strait of Hormuz. Gasoline prices soared more than 20% – the biggest monthly spike in over 50 years – thanks to the closure of this mission-critical pathway that normally sees daily traffic of roughly 20 million barrels of crude oil and related products. Prices for key derivative products like liquefied natural gas (LNG) surged even more.
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