The intensity of geopolitical conflicts in the Middle East, particularly the Iran conflict and its implications for oil exports, has led to significant disruptions in global oil markets. Attacks on Saudi Arabia’s East-West pipeline have forced Riyadh to contend with potential risks to 4 Mn bpd of oil supply, while ongoing inflation fears are compounded by rising oil prices.
Concurrently, the global copper market faces uncertainty due to potential US tariffs affecting refined copper, with prices already influenced by speculation, risking tighter supplies and higher manufacturing costs.
The LNG sector, although confident in long-term demand due to new contracting momentum, suffers from vessel oversupply, placing downward pressure on shipping rates amid geopolitical unrest.