The Iran conflict may be winding down, which is good news for investors who bought stocks on the recent dips.

• The last few weeks saw Iran ramp up attacks: tankers hit, rockets fired, threats to lay mines, and US unmanned sea drones and a sub captured.
• The US has been striking tankers in response.
• The Houthis advanced to the port of Mocha and hit a Saudi east-west pipeline pumping station.
• That escalation matched earlier warnings that Iran would push hard in the run-up to the election.
• The gap between that build-up and the current picture now points toward a de-escalation.

Outlook: If the fighting keeps cooling, stocks bought on the dips should recover, but the outcome is far from certain.