The key geopolitical risk factor for the markets isn't Iran, it's Russia: Analyst

• MOUs are considered insignificant compared to legally binding treaties.
• Oil markets are currently shrugging off US-Iran tensions, with Brent crude hovering around $78, far from previous 'doom and gloom' projections.
• The biggest geopolitical risk is the economic and political instability within Russia, exacerbated by high inflation, depleted wealth funds, and Ukraine's tactical drone strikes on oil infrastructure.
• Historical Russian instability has led to global upheavals, suggesting that current pressures could have significant worldwide consequences.

Independent geopolitical analyst Jacob Shapiro dismisses MOUs as insignificant and notes oil markets are shrugging off US-Iran tensions, indicating room for 'political theatre.' However, he identifies the escalating economic and political pressure on Russia as the primary geopolitical risk, warning of potential global reverberations.