Energy: Oil markets are going through a period of intense turbulence. Crude prices are highly volatile, buffeted by diplomatic tensions in the Middle East. Brent is trading around $69.20 a barrel, while WTI is hovering near $64.60. Investors' attention is focused on talks between the United States and Iran in Oman. The announcement of the meeting initially weighed on prices, as the market hoped for de-escalation, although skepticism remains. The differences are deep: Tehran wants to discuss the nuclear file, while the Trump administration is targeting Iran's ballistic-missile program and its regional influence. Any failure in the talks could immediately revive the geopolitical risk premium, all the more so as recent incidents, such as the destruction of an Iranian drone, underscore how fragile the situation is.
Metals: It is hard to know where to look in precious metals. Prices for gold and silver, as well as platinum and palladium, are swinging in all directions. Flash-crash sequences are giving way to exagerated rebounds, as the market wrings out recent speculative excesses. Last week, the gold prices fell to a low of around $4,400 per ounce, before rebounding towards $5,000. Despite the violence of these moves, fundamentals remain supportive for precious metals, particularly gold: central-bank buying, geopolitical risks and safe-haven demand. On the industrial-metals front, copper is steady at around $12,900 a tonne in London. In mining company news, Rio Tinto and Glencore have ended their merger talks. Glencore said the proposed terms undervalued its copper assets. The deal would have created the world's largest mining group.
Agricultural products: Coffee is taking a dive, with arabica and robusta futures down about 10% last week. That reflects a healthy global supply outlook as Brazil expects a record harvest. In Chicago, corn remains firm at 432 cents a bushel, as does wheat, which is steady at 535 cents (March 2026 contracts).
