1Q26_ Quarterly Outlook Report_Final_EN - Flipbook - Page 13
T H E P LUMB LI N E | A RETU RN TO F I RS T PRI N CI PL ES
Maduro. Whether this type of U.S. military incursion is only a one-time thing remains to be seen,
but building U.S. tensions with other countries in the region related to drug trafficking (namely
Mexico, Colombia, and Ecuador) could increase fears in markets of another such move. Entering
its fifth year, the Russia-Ukraine war may be getting closer to a conclusion (although the two sides
seemingly remain far apart in negotiations), which could shape energy markets in the year ahead
alongside OPEC+ supply decisions – in turn influencing inflation dynamics worldwide.
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