Possible scenario
Direct Military Escalation
20% Chance
The killing of Khamenei and destruction of nuclear sites produce a direct escalation cycle involving Israel, the United States, and Iranian forces. The central risk is not an invasion of Iran but repeated strikes, naval incidents, and a possible threat to energy shipping.
Initial impacts
- Riskier companies' borrowing costs Up
- Market volatility Up
- 10-year Treasury yield Down
- Oil prices Up
- US dollar Up
- Copper Down
Secondary impacts
- Energy
Portfolio impact
S&P 500-1.3%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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