Tight supply, geopolitics and industrial demand - UBS betting on commodities. In their view: UBS View Brief: Energy (Oil): UBS notes that the physical oil market remains globally tight due to ongoing supply disruptions and attacks impacting transit through the Strait of Hormuz and the Red Sea. They view recent G7 emergency inventory releases as only a temporary band-aid that actually shrinks future market buffers, leaving oil prices sensitive to further supply outages. Gold: While rising U.S.
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