Rising geopolitical risk in the Middle East is once again reshaping global markets. Energy stocks, tanker companies and uranium plays are attracting fresh capital as investors reposition for uncertainty. History shows that conflicts in this region often create clear sector winners. The key question now is whether this move has only just begun.

Financial markets were hit by news in late February that immediately put geopolitics back in the spotlight for investors. On 28 February, US President Donald Trump announced in a video message the launch of large-scale strikes against Iran, citing Iran's nuclear programme, missile capabilities and military infrastructure as the main targets.

The operation, which Washington and Israel are conducting under the name "Operation Epic Fury", is one of the largest coordinated military campaigns in recent years, according to the White House. At the same time, Trump has openly acknowledged that the conflict could bring American casualties and could last…