Events in the Middle East in recent days are first and foremost a human tragedy — they have shocked and saddened us. It is our job to assess their economic impact for our clients, and that is what this note seeks to do. Global equities have increased modestly this week, while a barrel of Brent crude oil increased by around $4 when markets opened on Monday. However, given ongoing tensions in the region, a key risk is escalation: particularly any…