Strong corporate earnings are currently outweighing geopolitical concerns in financial markets despite tensions between the US and Iran, according to JPMorgan Chase & Co.’s Dubravko Lakos-Bujas.

The firm’s head of global markets strategy noted that markets entered the current energy shock with relatively healthy inventories, which has helped cushion the impact of supply disruptions. Meanwhile, the earnings narrative is providing a strong counterpoint to the geopolitical tensions, with Lakos-Bujas describing recent corporate results as “blockbuster” and “extremely strong.”