The Iran Deal Reshuffled Commodities: What's Next for Oil, Gold, and Copper
The US-Iran interim peace deal has done something few analyst models predicted with precision: it cut crude oil by $40 a barrel in six weeks and scrambled every corner of the commodities complex in the process. War fears that sent Brent to $122 a barrel are winding down, but the reverberations across gold, silver, and copper are only beginning to settle. Oil: The $40 Question At its April peak, Brent crude traded near $122 a barrel as the Strait of Hormuz saw daily throughput collapse from around 20 million barrels per day to under 10 million. OPEC+ production fell to 24.26 mb/d against a 33.7 mb/d target. The supply shock was real, acute, and global. Signed June 19 in Switzerland, the inter…
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