Instability and tariffs cloud otherwise bearish outlook

Although instability in the Middle East could easily push oil prices into triple-digit territory, as things stand, the oil market looks set to remain well-supplied and so we expect bearish fundamentals to reassert themselves on prices before long. Meanwhile, although US tariffs have distorted industrial metals markets, the outlook for prices is overshadowed by strong supply from China. Finally, rising demand from central banks and long-term investors is set to push gold prices to fresh highs over the coming years.