Despite strong geopolitical tensions in the Middle East, the price of oil fell in H2 2024. The successive postponements of the reintroduction of production restrictions by OPEC+ had only a limited effect: there is therefore expected to be excess supply in 2025, according to the International Energy Agency (IEA), due to sluggish global demand, especially from China, and the continuing increase in the US extraction sector. In contrast, the price of gas on the European market has been rising sharply since the spring. In addition, climatic hazards continue to fuel the volatility of food commodity prices, whereas precious metal prices are soaring, benefitting from a flight to quality effect in an uncertain economic climate...