The tenuous ceasefire in Iran has the S&P 500 roaring back to life, reversing a month-long decline that put consumers and investors on edge. But the jump in U.S. stocks might have hidden the true beneficiaries: international stocks dependent on energy imports to sustain their economies. If this ceasefire leads to a resumption of normal oil flows through the Strait of Hormuz, investors can likely find outperformance in international markets. Germany, South Korea, and Japan are likely to lead the way, and here’s why.
