How has that impacted on the US oil yield market? The performance has been pretty good, but maybe you want to give your take on how things have evolved.

Firstly, it does seem like there is now a credible pathway to a resolution of the military conflict in Iran.

But that definitely doesn't mean that the impact is over.

If we think about the time it might take for oil to flow freely again, for stockpiles to be rebuilt, for supply chains to ease, there's clearly a lot that still remains to be seen.

The deal still hasn't been signed yet, of course.

Then we also, from a U.S. perspective, have to consider what the fallout might be of higher energy prices impacting on gasoline prices at the pump.

The ultimate pass-through to inflation and what all this means for the consumer, let alone what the reaction function of a Fed under new leadership will be.

When you look under the hood of the market and start to think about different sectors, are you picking up some of those themes, particularly around the technology aspect?