In 2026, global markets are navigating two major sources of uncertainty, namely conflict in the Middle East and stress in the private credit industry. Economist Mohamed El-Erian suggests that multiple shocks can compound rather than eliminate one another, and that investors should not assume that such stresses will remain isolated. The private credit sector has expanded rapidly over the past decade, filling lending gaps left by banks after 2008. However, its structure has been questioned about resilience during periods of market stress. Meanwhile, geopolitical tensions involving Iran have reignited volatility in oil markets, leading to a surge in energy prices. This combination of rising oil prices and inflation could lead to central banks facing a difficult policy dilemma. Despite this, Alan Longbon warns that the current environment differs from the 2022 energy shock.