Commodities finally caught up with the risk-on sentiment boosting other assets on the back of the easing of financial conditions and bumper US GDP prints in Q3 and Q4. The trigger was the escalation of tensions in the Red Sea and attacks on shipping, including a Russian cargo vessel. Oil prices rose sharply, though we believe there is plenty of excess supply from recent OPEC cuts and the US oil boom to cover the longer-term impact of supply disruptions and sanctions.
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