A regional war in the Middle East will IMO. We might have tried to ignore Ukraine as much as we could because it isn't something that affects the whole world, in reality it became a proxy war, but the Middle East does. Anything that threatens or affects the "life's blood of the world" (Oil/energy) will IMO see all hell break loose.
P.S. Note I said a regional war. A fight between Hezbollah and Israel would be serious and cause a big market reaction but a regional conflict would be what brings markets down IMO.
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