"One Step Forward, Two Steps Back:" Frustration Mounts in Oil & Gold Volatility

Uncertainty around the U.S.-Iran conflict will keep crude oil as the dominant driver of commodities until a clear timeline to an end emerges. Phil Streible warns this dynamic is likely to push fuel prices higher at the pump, increase upside pressure in oil markets, and constrain equity upside by promoting a risk-off stance that pressures cyclicals and consumer discretionary exposures.

Analysis

Uncertainty around the U.S.-Iran conflict will keep crude oil as the dominant driver of commodities until a clear timeline to an end emerges. Phil Streible warns this dynamic is likely to push fuel prices higher at the pump, increase upside pressure in oil markets, and constrain equity upside by promoting a risk-off stance that pressures cyclicals and consumer discretionary exposures.