The ongoing Middle East conflict has severely disrupted the movements of oil tankers, cargo ships, and airplanes in the region, causing significant logistics strains. Iran closed the Strait of Hormuz to any unauthorized ships and is now threatening to target the Strait of Mandeb, another vital waterway that flows crude oil out of the Middle East. As these straits handle about 25 percent of global crude oil supplies, according to the U.S. Energy Information Administration, the West Texas Intermediate crude oil price exceeded $100 as of March 30, 2026. Prices of other essential commodities, such as aluminum and fertilizers, are also rising. Airspaces across Iran, Iraq, Kuwait and Syria remain closed, causing numerous flight cancellations or suspensions.
While a permanent ceasefire will certainly be most desirable, at this time we do not expect our portfolios of port operators, airports, or infrastructure public-private partnerships (P3s) in North America to be materially affect
