The Iran war, AI disruption, and private credit uncertainty are impacting financial stocks this year, leading to a significant drop in shares of Goldman Sachs and Wells Fargo. Despite this, these companies' businesses are largely insulated from these challenges. The Iran war has led to volatility in bank stocks due to concerns that soaring oil prices could harm consumer and business clients and lead to reduced profits. The rising oil prices can also cause uncertainty in business and potentially lead to slower growth for banks. Goldman Sachs' global banking and markets division accounted for 77% of overall revenue last quarter, while Wells Fargo's growing investment banking business is less affected by this. Despite these challenges, Goldman's trading desk is a key asset for its trading desk, which provides clients with fees to hedge their risks. The author suggests that Goldman Sachs is trading at its cheapest price-to-earnings multiple in years, while Well Fargo's forward P/E is also undervalued at less than 11 times times the historical average.