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© 2026 CBS Commodities Society · Copenhagen Business SchoolNot investment advice · Prices indicative, delayed

The war came back. The oil price didn't care.

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.

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The war came back. The oil price didn't care. | CBS Commodities Society