What Goldman’s commodities head learned from Iran war
Talking Heads 2026: As prices jumped, market hedges faltered and physical delivery became all important
This is the fifth article in this year’s Talking Heads series. Read the other articles here.
The wars in Iran and Ukraine have served up an array of hard lessons for commodities markets.
As disruption to the Strait of Hormuz spread from crude oil to refined products and then shipping, many market hedges stopped tracking the exposures they were intended to cover, with some proving entirely worthless
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