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A wave of geopolitical disruption is rippling across global commodity markets. Iraqi oil production has plunged as the Strait of Hormuz becomes increasingly constrained, LNG prices are surging amid halted exports from Qatar, and nickel producers in Indonesia face potential shutdowns due to sulphur shortages. Meanwhile, agriculture markets are adjusting to shifting harvest expectations from Ukraine and Brazil. In this episode, we explore how a single geopolitical flashpoint is cascading across oil, metals, energy, agriculture, and global trade.

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