The conflict in the Middle East is approaching its one-month mark. This week, markets were forced to pair off two opposing forces: deteriorating fundamentals with anticipated shortages in Asia on one side and increased rhetoric about a potential ceasefire on the other. For now, it is unclear which one comes first. In this episode, we discuss the timeline of oil shortages across the globe, as well as explain what is happening with gold.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on March 27, 2026.

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