The price of oil has been severely disrupted in early 2026 by geopolitical conflicts. While oversupply and a general rise in oil stocks were pushing prices down at the start of the year, the outbreak of war between the United States and Israel on one side and Iran on the other on 28 February set the entire Middle East ablaze within a matter of hours: the de facto closure of the Strait of Hormuz, through which around a fifth of the world’s oil and liquefied natural gas passes, caused hydrocarbon prices to soar. Prices for industrial commodities are generally stable or trending downwards, with the exception of precious metals, which are acting as a safe haven. Like cocoa prices, food commodity prices are generally on a downward trend...