Middle East Conflict Driving Oil Prices and Global Inflation Risk: Increased geopolitical tensions have pushed oil prices to $112 per barrel, contributing to global inflation concerns. This situation could positively impact energy-focused ETNs like AMJB, which provides exposure to midstream MLPs, as higher commodity prices generally support the energy sector and infrastructure assets.

Global Monetary Policy Tightening: Central banks globally, exemplified by the increasing probability of a Bank of Japan rate hike due to accelerating Producer Price Index (PPI), are likely to continue with monetary tightening measures to combat inflation. This could impact capital costs for underlying MLPs and broader investor sentiment towards risk assets.

US Inflation Data: The upcoming US CPI Inflation Data Release for March is a crucial indicator. Sustained high inflation might lead to further interest rate increases, affecting the cost of capital for MLPs, but also potentially driving demand for real assets, including energy infrastructure, as an inflation hedge.