The speaker stated there are "no outright winners" from the Iran conflict, only "relative winners and relative losers." She explicitly named "Norway," "the U.S.," "Canada," and "Russia" as net oil exporters outside the Middle East that are relative winners. These countries benefit as net exporters from elevated oil prices resulting from Middle East supply disruption and uncertainty, while facing less direct regional exposure. LONG on these specific oil-exporting nations as they are positioned to be relative economic outperformers in the current conflict scenario. A swift, peaceful resolution to the conflict and reopening of the Strait of Hormuz could cause oil prices to fall sharply, diminishing this relative advantage.