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Research
Market analysis across energy, metals, and agriculture — published every two weeks.
The Houthis shut Bab el-Mandeb and Brent touched $100, then Saudi crude went the long way round and the price ended where it started. Inside: a divided Fed, a storm over a third of the world's copper, and the emergency oil America keeps in salt caves.
Three tankers were hit in Hormuz and Russia closed the Kerch strait, and Brent, European gas and wheat all went with them. Inside: why gold fell during a shooting war, why the same molecule cost 30% more in Europe and 9% less in America, and a deep dive on LNG.
US–Iran strikes resumed and the ceasefire collapsed, yet Brent still fell 11% because Hormuz never stopped flowing. Metals bled across the board, the only gainers rode a heatwave, and the US ended up hoarding a copper mountain for a tariff that never came.
A US–Iran memorandum to reopen the Strait of Hormuz wiped the war premium off the energy complex — Brent fell 13% to $81. The catch: only one of the two attackers signed it, and the party still shooting isn't bound by anything. We unpack a market that priced a peace it can't enforce — and what gold, copper and aluminium were really trading on instead.