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IC Outlook - Q2 2026

Kristal's Q2 2026 outlook maps a portfolio built to survive a binary oil shock, as war closes the Strait of Hormuz and clouds every forecast.

Sachin Nikhare

Kristal Investment Committee

30 Apr

Letter from the CIO: the river has flooded

Three months after describing markets as a volatile expansion, Kristal's founder and Global Chief Investment Officer Asheesh Chanda writes that the metaphorical river has flooded. On February 28th, the United States and Israel launched joint air strikes against Iran, and within days Iran closed the Strait of Hormuz, the waterway through which roughly twenty percent of the world's oil supply passes daily. IEA chief Fatih Birol warned the disruption could be potentially the biggest energy disruption in history, and Brent crude surged from $73 to $126 at its peak.

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