{"id":138696,"date":"2026-04-20T16:28:17","date_gmt":"2026-04-20T20:28:17","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/commodities\/what-the-us-iran-war-means-for-commodity-markets-and-portfolios\/"},"modified":"2026-04-20T17:20:29","modified_gmt":"2026-04-20T21:20:29","slug":"what-the-us-iran-war-means-for-commodity-markets-and-portfolios","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/commodities\/what-the-us-iran-war-means-for-commodity-markets-and-portfolios\/","title":{"rendered":"What the US-Iran war means for commodity markets and portfolios"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69edd06d0ba99'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">What the US-Iran war means for commodity markets and portfolios<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/380377823resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Oil Barrels Stacked In A Warehouse\" title=\"Oil Barrels Stacked In A Warehouse\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69edd06d16318'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">April 20, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69edd06d189ff'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span data-contrast=\"auto\"> Geopolitical risk and supply disruptions drove the Bloomberg Commodity Index (BCOM) up 24% in Q1 2026, with energy leading gains amid a sharp oil supply shock.<\/span><\/li>\n<li><span data-contrast=\"auto\"> Strait of Hormuz disruptions reduced tanker traffic and pushed transport costs sharply higher, increasing operating costs across industries and reinforcing inflation pressures.<\/span><\/li>\n<li><span data-contrast=\"auto\"> Broad commodity exposure supported portfolio diversification, with commodities showing low correlation to equities and helping mitigate volatility during a period of market stress.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69edd06d1b71b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span class=\"TextRun SCXW178011681 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW178011681 BCX0\">This article was written by Jim Wiederhold, Commodity Indices Product Manager at Bloomberg.<\/span><\/span><span class=\"EOP Selected SCXW178011681 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/em><\/p>\n<p><span data-contrast=\"auto\">Global commodity markets were already strengthening in early 2026, but geopolitical risk has accelerated price movements and reshaped supply dynamics.\u00a0<\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/#overview\"><span data-contrast=\"none\">The Bloomberg Commodity Index (BCOM)<\/span><\/a><span data-contrast=\"auto\">\u00a0was on the rise well before the start of the US-Iran war. By the end of February, BCOM was up 9% and\u00a0outpaced\u00a0other major asset classes by a significant margin\u00a0as precious metals led the way.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">After\u00a0a full month of war in March, BCOM finished the first quarter of 2026 higher by 24%.\u00a0The main catalyst driving the performance was\u00a0highlighted in\u00a0our second theme\u00a0from the\u00a0<\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/indices-2026-outlook-commodities\/\"><span data-contrast=\"none\">2026 outlook<\/span><\/a><span data-contrast=\"auto\">\u00a0of supply disruptions from increased geopolitical risk.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69edd06d1d080'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_6754872003778330314\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Commodity Indices\"\n        >\n                      Bloomberg Commodity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW187901609 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW187901609 BCX0\">We could not have forecasted\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">one of\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">the biggest oil supply shock<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">s<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0in\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">history,<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0but the\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">knock-on<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0effects of higher energy prices\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">might<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">likely<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0feed<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">\u00a0through to the rest of the commodity complex and\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">increase\u00a0<\/span><span class=\"NormalTextRun SCXW187901609 BCX0\">the costs of doing business for every company in the global economy.\u00a0<\/span><\/span><span class=\"EOP Selected SCXW187901609 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69edd06d20784'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3681160842805070221\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69edd06d238a7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW11034435 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW11034435 BCX0\" data-ccp-parastyle=\"heading 2\">How did energy supply disruptions drive commodity performance?<\/span><\/span><span class=\"EOP Selected CommentStart SCXW11034435 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Most BCOM sectors rose in the first quarter of\u00a02026\u00a0but energy was the standout. The total return of BCOM Energy was\u00a0up\u00a063% (the largest quarterly move since 1990).\u00a0This\u00a0occurs when\u00a0at least\u00a010\u00a0million\u00a0barrels\u00a0per\u00a0day of oil are suddenly shut off from the global markets.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Exhibit\u00a01\u00a0shows\u00a0a\u00a0sharp decline\u00a0in\u00a0tanker\u00a0traffic\u00a0through the Strait of Hormuz as the war started\u00a0from\u00a0about\u00a050 vessels in each direction to\u00a0almost down\u00a0to zero. Movement of barrels of oil to feed the global economy has ground to a halt in one of the most important oil hubs in the world.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1006\" height=\"576\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Number of Commercial Ships Passing Through the Strait of Hormuz\" title=\"Number of Commercial Ships Passing Through the Strait of Hormuz\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1.png 1006w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1-552x316.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1-800x458.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1-768x440.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-1-189x108.png 189w\" sizes=\"auto, (max-width: 1006px) 100vw, 1006px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW158127019 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW158127019 BCX0\" data-ccp-parastyle=\"heading 2\">Why is the Strait of Hormuz disruption critical for global markets?<\/span><\/span><span class=\"EOP Selected SCXW158127019 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">Commodities, once produced and refined, typically travel long distances as\u00a0producers\u00a0export\u00a0to trade partners around the world. Maritime movement of commodities is the most common way to deliver\u00a0product. Exhibit 2 shows the UK Maritime Trade Operations (UKMTO)\u00a0reporting of\u00a0attacks and suspicious activity with incidents\u00a0over the last month.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">With regular electronic interference and missile attacks, the ability to move significant quantities of commodities through this waterway has been\u00a0disrupted\u00a0for over a\u00a0month-long\u00a0period. Several banks and research firms have\u00a0warned recently\u00a0that if the Strait\u00a0of Hormuz\u00a0continues to be disrupted for two months, crude oil prices could rise to new all-time highs\u00a0potentially reaching $200\/barrel.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"958\" height=\"958\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart.png\" class=\"bbg-single-image__image attachment-full\" alt=\"UKMTO recent incidents in the Persian Gulf starting February 28, 2026\" title=\"UKMTO recent incidents in the Persian Gulf starting February 28, 2026\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart.png 958w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart-552x552.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart-800x800.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart-768x768.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Strait-chart-108x108.png 108w\" sizes=\"auto, (max-width: 958px) 100vw, 958px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW99646687 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW99646687 BCX0\" data-ccp-parastyle=\"heading 2\">How<\/span><span class=\"NormalTextRun SCXW99646687 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0rising energy and transport costs\u00a0<\/span><span class=\"NormalTextRun SCXW99646687 BCX0\" data-ccp-parastyle=\"heading 2\">impact<\/span><span class=\"NormalTextRun SCXW99646687 BCX0\" data-ccp-parastyle=\"heading 2\">\u00a0global businesses<\/span><\/span><span class=\"EOP Selected SCXW99646687 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">When energy prices rise, it has historically\u00a0led to recession as the cost of doing business rises for\u00a0the\u00a0majority of\u00a0companies\u00a0around the world.\u00a0While the energy transition is still ongoing, the world is still highly reliant on fossil\u00a0fuels\u00a0and the cost of moving barrels of oil and other commodities has\u00a0gone up\u00a0exponentially this year.\u00a0Margins for\u00a0businesses\u00a0can be squeezed not only if growth slows and demand for consumer goods suffers but on the other side of the equation, costs will\u00a0likely continue\u00a0to move higher.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Exhibit 3 shows\u00a0the costs of hiring a ship, crew, and fuel have risen dramatically in March based on Aframax tanker spot rates.\u00a0What would typically cost less than $40,000 per day to ship has increased by\u00a0nearly four\u00a0times in March.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"989\" height=\"697\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Transport Costs are Rising - Contributing to a Rise in Costs of Doing Business\" title=\"Transport Costs are Rising - Contributing to a Rise in Costs of Doing Business\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3.png 989w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3-552x389.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3-800x564.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3-768x541.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-3-153x108.png 153w\" sizes=\"auto, (max-width: 989px) 100vw, 989px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">While the costs of doing business may rise\u00a0if inflation takes hold, the risk to global growth forecasts means\u00a0some\u00a0growth-oriented\u00a0commodities suffered\u00a0during the quarter\u00a0like\u00a0copper.\u00a0As countries reduced their expectations for economic growth due to the war, copper\u00a0prices declined\u00a0and\u00a0the metal\u00a0tends\u00a0to be highly correlated to economic growth.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There were disparate returns in the\u00a0industrial metals space where lead and copper underperformed while tin and aluminum rose higher.\u00a0Aluminum\u00a0rose\u00a0due to production facilities\u00a0damaged\u00a0in March during the war. Exhibit 4 shows\u00a0performance of the major industrial metals with\u00a0aluminum rising\u00a0the most\u00a0due to\u00a0these\u00a0supply concerns.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"956\" height=\"648\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Q1 Returns Across the Major Industrial Metals- Aluminum\/Tin Rose While Copper\/Lead Fell\" title=\"Q1 Returns Across the Major Industrial Metals- Aluminum\/Tin Rose While Copper\/Lead Fell\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1.png 956w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1-552x374.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1-800x542.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1-768x521.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Commod-Exh-4-1-159x108.png 159w\" sizes=\"auto, (max-width: 956px) 100vw, 956px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Gold and silver finished the quarter slightly higher after a very strong multi-year run. Despite BCOM Precious Metals rising by only 7%, volatility during the quarter was the highest in over 10 years as prices peaked and then declined sharply before consolidating. Central bank buying of gold finally cooled off due to the high price sensitivity which was previously one of the strongest tailwinds over the last four years.\u00a0 <\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW119191003 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW119191003 BCX0\" data-ccp-parastyle=\"heading 2\">How commodities support portfolio diversification during market volatility<\/span><\/span><span class=\"EOP Selected SCXW119191003 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">The first quarter of 2026 has proven to be an eventful one for markets. Diversified portfolios were able to weather the storm as most asset classes\u00a0fell.\u00a0Equities as measured by the B500T Index fell 5%\u00a0and fixed income as measured by the LBUSTRUU Index was\u00a0flat while BCOM rose 24%.\u00a0Broad commodities exposure\u00a0was an\u00a0uncorrelated\u00a0asset which dampened overall portfolio volatility as equities moved lower.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This price action was consistent with other historical scenarios where commodities tend to perform well during volatile stress events. With the potential for unexpected inflation to become an issue, continuously holding long commodities exposure by tracking a benchmark like BCOM could not only\u00a0be a\u00a0diversifier\u00a0but\u00a0has historically provided an inflation hedge.\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Read more about BCOM\u00a0methodology\u00a0<\/span><a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/BCOM-Methodology.pdf\"><span data-contrast=\"none\">here<\/span><\/a><span data-contrast=\"auto\">\u00a0or learn more about Bloomberg Commodities\u00a0<\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\"><span data-contrast=\"none\">here<\/span><\/a><span data-contrast=\"auto\">.<\/span><\/p>\n<p><em>Note: This article was originally published on April 2, 2026 and updated on April 20, 2026.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69edd06d29cde'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-69edd06d2aed9\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-69edd06d2aed9\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><span data-contrast=\"auto\">The data and other information included in this publication is for illustrative purposes only, available\u00a0\u201cas is\u201d,\u00a0non-binding and constitutes the provision of\u00a0factual information, rather than financial product advice.\u00a0BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. (\u201cBFLP\u201d). BFLP and its affiliates, including BISL, the administrator of the Indices, or their\u00a0licensors\u00a0own all proprietary rights in the Indices. Bloomberg L.P. (\u201cBLP\u201d) or one of its subsidiaries provides BFLP, BISL and its subsidiaries with global marketing and operational support and service. Certain features, functions,\u00a0products\u00a0and services are available only to sophisticated investors and only where permitted. Bloomberg (as defined below) does not approve or endorse these materials or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith. Nothing in the Services or Indices shall constitute or be construed as an offering of financial instruments by Bloomberg, or as investment advice or investment recommendations (i.e., recommendations as to whether or not to \u201cbuy\u201d, \u201csell\u201d, \u201chold\u201d, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg. Information available via the Index should not be\u00a0considered as information\u00a0sufficient upon which to base an investment decision. All information provided by the Index or in this publication is impersonal and not tailored to the needs of any person,\u00a0entity\u00a0or group of persons. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name,\u00a0mark\u00a0or logo.\u00a0For the purposes of this publication, Bloomberg includes BLP, BFLP,\u00a0BISL\u00a0and\/or their affiliates.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">BISL is registered in England and Wales under registered number 08934023 and has its registered office at 3 Queen Victoria Street, London, England, EC4N 4TQ. BISL is\u00a0authorised\u00a0and regulated by the Financial Conduct Authority as a benchmark administrator.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u00a9 2026 Bloomberg. 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