Since the Iran conflict broke out about a month ago, the volatility of risk assets has been on full display. Global equities have whipsawed by 6 per cent since the start of the war, while dated Brent (spot price) has traded as high as about US$141 per barrel – the priciest since the 2008 financial crisis. For now, absent a clear road map towards an end to the war, hedging as a tactical investment approach – across regions and asset classes – is back in vogue. Enter commodities, which have risen 17 per cent year to date. While investors have mostly focused on oil prices as a bellwether for the war’s next possible ... (full story)