Energy: North Sea Brent is down at around $64.15 per barrel, while US WTI is trading at about $59.40. The pullback reflects easing concerns over supply in the Middle East. Donald Trump said the violence in Iran has stopped, pushing back the prospect of an immediate US military intervention. Investors have therefore unwound the risk premium they had priced in amid threats to Iranian output (3.2 million barrels a day) and to the Strait of Hormuz. The geopolitical risk premium is fading, though it is not disappearing. Ukraine continues to target Russian energy infrastructure, notably platforms in the Caspian Sea. At the same time, Washington is considering tightening sanctions on countries importing Russian energy. In Venezuela, the US is maintaining maximum pressure on the Capital city, Caracas. US forces have seized a sixth tanker, the "Veronica", in the Caribbean.
Metals: Gold hit an all-time high of $4,690 an ounce. The yellow metal is benefiting from its safe-haven status. Investors are worried about multiple geopolitical tensions (Venezuela, Greenland, Iran) and threats to the independence of the US Federal Reserve. While pressure is easing regarding Iran and Jerome Powell, it is intensifying around Greenland after Trump's tariff threats against the EU. Meanwhile, silver's volatility remains extremely high. Last week silver prices jumped to $93.50 an ounce, before dropping back towards $88.50, then pushing higher again to $94.50. The grey metal is posting a remarkable performance, up 30% since the start of the year. Finally, on the London Metal Exchange (LME), copper hit a record at $13,407 last Wednesday before correcting towards $12,800.
Agricultural products: The latest report from the US Department of Agriculture (USDA) weighed on prices. The agency raised its estimates for production and inventories for the 2025/2026 season, confirming a well-supplied market. Wheat slipped to 515 cents, as is corn at 421 cents a bushel (March 2026 contracts).
