{"id":242433,"date":"2026-05-05T12:30:10","date_gmt":"2026-05-05T16:30:10","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=242433"},"modified":"2026-05-05T13:44:46","modified_gmt":"2026-05-05T17:44:46","slug":"commodities-in-focus-how-oil-and-geopolitics-shape-markets","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/commodities-in-focus-how-oil-and-geopolitics-shape-markets\/","title":{"rendered":"Commodities in Focus: How Oil and Geopolitics Shape Markets"},"content":{"rendered":"\n<p>In this episode of the Interactive Brokers Podcast, commodities expert Will Rhind joins to unpack how oil markets are being shaped by geopolitics, inflation pressures, and shifting global supply dynamics. We explore what\u2019s driving recent volatility and how investors can use commodities to diversify portfolios and navigate uncertainty with more confidence.<\/p>\n\n\n\n<iframe title=\"Commodities in Focus: How Oil and Geopolitics Shape Markets\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=dv6qr-1ab708d-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-379\">Summary \u2013 IBKR Podcasts Ep. 379<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman\">Jeff Praissman<\/h3>\n\n\n\n<p>Hi everyone.\u00a0Welcome back to Interactive Brokers Podcast.\u00a0I&#8217;m\u00a0Jeff Praissman.\u00a0It&#8217;s\u00a0my pleasure to welcome back Will Ryan, founder and CEO of\u00a0GraniteShares. Hey, Will, how are you?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind\">Will Rhind<\/h3>\n\n\n\n<p>Hey, good.\u00a0Thanks, Jeff.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-0\">Jeff Praissman<\/h3>\n\n\n\n<p>Always love having you come in for our monthly talk. And for our listeners, Will is a long-time commodities expert, and today we&#8217;re\u00a0gonna\u00a0explore, you know, how investors can think about commodities and portfolios, how geopolitics is shaping markets, oil markets right now, and also how investors can navigate this volatility with a little bit more disciplined, data-driven approach.\u00a0So\u00a0Will, I want to kind of kick it off with the big picture. Why should investors consider\u00a0a commodity\u00a0allocation alongside traditional stocks and portfolios?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-0\">Will Rhind<\/h3>\n\n\n\n<p>Well, historically, commodities have acted as\u00a0a diversifier\u00a0to traditional stocks and bonds. If you think of, you know, the two major asset classes being stocks and bonds, commodities arguably\u00a0is\u00a0the third in terms of importance. And so typically, you have portfolios that are constructed with stocks and bonds, and then people are looking to add more diversification, use commodities, and they function as a diversifier because\u00a0it&#8217;s\u00a0a different return stream.\u00a0<\/p>\n\n\n\n<p>You know, what drives the price of oil is very different from what drives the price of NVIDIA or Amazon, and also what drives bond prices.\u00a0So\u00a0they act as\u00a0a diversifier. They also act as a hedge against inflation. Why is that? Because commodity prices themselves can be\u00a0a very specific\u00a0root cause of inflation.\u00a0Clearly, if\u00a0the price of oil is rising or other commodity prices are rising. So that is typically really the two big reasons that people include portfolio commodities in a portfolio.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-1\">Jeff Praissman<\/h3>\n\n\n\n<p>And why do they provide\u2014 is it just because they just react actively to\u00a0market?\u00a0Like that&#8217;s how\u00a0they provide diversification benefits? Especially it seems like in periods during market stress, people\u00a0kind of tend\u00a0to flock toward them.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-1\">Will Rhind<\/h3>\n\n\n\n<p>Yeah,\u00a0I think that people\u00a0are always interested from a diversification perspective.\u00a0It&#8217;s\u00a0about the\u00a0optimal\u00a0return per unit of risk. And\u00a0so\u00a0when you add, you know, assets that are not correlated together, you lower the risk of the overall portfolio. And so\u00a0that&#8217;s\u00a0what attracts people to commodities.\u00a0And the\u00a0reason why\u00a0they are less correlated with traditional stocks and bonds is because the drivers behind commodity prices are\u00a0just different. And\u00a0so\u00a0they are additive to a portfolio, and therefore, you know, they\u00a0operate\u00a0in\u00a0different ways.\u00a0And certain commodities, you know, such as oil, as we&#8217;re seeing right now, can spike very violently when there are particular crisis events at the moment, and that can add value, especially when people are looking to hedge energy prices within a portfolio.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-2\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah, and I think\u00a0it&#8217;s\u00a0almost, for\u00a0probably some\u00a0of our listeners, it\u00a0almost seems a little counterintuitive though with inflation, right? Because people just associate inflation\u2014\u00a0everything&#8217;s\u00a0going up, right? They\u00a0don&#8217;t\u00a0necessarily\u00a0kind of focus\u00a0on different items. They just say that the\u00a0bread&#8217;s\u00a0going\u00a0up,\u00a0their gas is going up, whatever.\u00a0But how is that relationship different between commodity prices and inflation, and when do they actually\u2014 I\u00a0guess kind of\u00a0high-level view of the mechanics of how they function as\u00a0that effective?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-2\">Will Rhind<\/h3>\n\n\n\n<p>Yeah, I mean, I think\u00a0first and foremost, inflation is normally viewed, for right reasons, as a negative.\u00a0So\u00a0like you just said, the cost of\u00a0bread&#8217;s\u00a0going up, the cost of gas is going up. That means people are paying more for goods or services. So\u00a0that&#8217;s\u00a0typically\u00a0a negative\u00a0because\u00a0it&#8217;s\u00a0costing you more.\u00a0But if you put it in the portfolio context and say, okay, I realize that this is the thing. How do I\u00a0profit\u00a0from this? Or how do I make money from this? Then you want to\u00a0be owning\u00a0assets that benefit or rise with inflation. And\u00a0so\u00a0commodities, because, for example, energy prices\u2014\u00a0let&#8217;s\u00a0just take that\u2014 energy prices run through everything in the economy.\u00a0And\u00a0so\u00a0if energy prices are rising, guess what? That feeds\u00a0through into\u00a0goods and services. And\u00a0so\u00a0if you want to try and hedge a portfolio, meaning that you make money from inflation rises, then commodities\u00a0is\u00a0one way to do that.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-3\">Jeff Praissman<\/h3>\n\n\n\n<p>And when people think about commodities, you know, you and I have talked about before, gold\u00a0probably is\u00a0the first one to come up. But how important is it for investors to look beyond gold and understand that\u00a0there&#8217;s\u00a0a broader commodity universe out there? There&#8217;s energy, there&#8217;s\u00a0metals, there&#8217;s agriculture.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-3\">Will Rhind<\/h3>\n\n\n\n<p>Yeah, I think that\u00a0there&#8217;s\u00a0a great example\u00a0where gold has historically functioned as an inflation hedge. People do think of commodities being synonymous with just gold.\u00a0It&#8217;s\u00a0something that everybody in the world knows what gold is. They have a view\u00a0about\u00a0it.\u00a0But at the same time, you\u00a0have to\u00a0also be aware that commodity markets are more than just gold.\u00a0<\/p>\n\n\n\n<p>And I think for a lot of people, energy is the most important commodity complex. And so being able to add exposure to energy in the portfolio is&nbsp;really key, especially if you are looking to correlate with inflation or particularly take advantage of inflation because energy is&nbsp;actually the&nbsp;most positively correlated with traditional inflation measures.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;if&nbsp;that&#8217;s&nbsp;your goal, to try and hedge a portfolio against inflation, then certainly broader commodities, including energy, would be a place to look.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-4\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah. And commodity markets can be volatile and\u00a0somewhat often\u00a0headline-driven. How should investors think about\u00a0participating\u00a0in that volatility without just simply reacting to the short-term news? Like, obviously, the Iran conflicts are in everyone&#8217;s mind right now and all over the headlines.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-4\">Will Rhind<\/h3>\n\n\n\n<p>Yeah, I mean,\u00a0I think that\u00a0there obviously are\u00a0a number of\u00a0ways to do it, but\u00a0I think the most sensible approach\u00a0is to think about it as a broad allocation in a portfolio.\u00a0So\u00a0in much the same way as an investor would buy exposure to the S&amp;P 500 or to a large bond index through an ETF, you can do the same thing with commodities.\u00a0And in that way, you\u00a0don&#8217;t\u00a0have to worry about whether oil&#8217;s\u00a0gonna\u00a0outperform natural gas or whether corn&#8217;s\u00a0gonna\u00a0outperform wheat. You just hold them all in a basket or in a portfolio, and that way you can add a percentage to your portfolio and still\u00a0benefit\u00a0from an allocation to commodities, but without making that sort of micro decision about which commodity specifically to back.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-5\">Jeff Praissman<\/h3>\n\n\n\n<p>Yeah, so it sounds like investors really have the choice whether they want to target their exposure to a specific commodity, have a broad basket of commodities\u2014 you know, in equity terms, like an\u00a0index basically. And it seems like\u00a0there&#8217;s\u00a0probably a\u00a0need for both, depending on the investor and the user.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-5\">Will Rhind<\/h3>\n\n\n\n<p>Yeah,\u00a0that&#8217;s\u00a0right. And of course, investors have\u00a0different needs, and the\u00a0great thing\u00a0about the ETF market today is\u00a0you&#8217;ll\u00a0find ETFs on\u00a0almost everything.\u00a0So\u00a0if you have\u00a0a very strong\u00a0view on oil, there are ETFs that cater to that. If you have\u00a0a very strong\u00a0view\u00a0on\u00a0some of the metals or agricultural commodities, there are ETFs there.\u00a0But also, if you\u00a0don&#8217;t\u2014 agnostic per se to individual commodities, that\u00a0don&#8217;t\u00a0want to get that granular and just want the one-ticker solution\u2014 then there are plenty of ETFs for that.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-6\">Jeff Praissman<\/h3>\n\n\n\n<p>And you mentioned oil, and you know, obviously\u00a0that&#8217;s\u00a0in the news right now. With everything going on,\u00a0I&#8217;d\u00a0like to\u00a0kind of just\u00a0focus on oil for a second. How are the current oil prices\u2014 you know, how are they balancing the expectations for the global demand against the rising geopolitical supply risk that\u00a0we&#8217;re\u00a0seeing?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-6\">Will Rhind<\/h3>\n\n\n\n<p>So\u00a0at the moment,\u00a0clearly\u00a0it&#8217;s a very volatile period in the oil market.\u00a0We&#8217;ve\u00a0seen oil over a hundred dollars a barrel, you know, slightly less than that today, given obviously the market&#8217;s expectations of\u2014 hopefully\u2014\u00a0there&#8217;ll\u00a0be some kind of resolution to the Iran war.\u00a0But, you know, there&#8217;s been big volatility almost on a daily basis regarding the global supply of oil, particularly coming out of the Middle East, and, you know, therefore its knock-on effects on the global economy.\u00a0<\/p>\n\n\n\n<p>We&#8217;ve&nbsp;seen gas prices rise, you know, obviously here in the United States, but particularly in countries where, you know,&nbsp;they&#8217;re&nbsp;not completely energy independent, such as Europe and Asian countries as well. And&nbsp;so&nbsp;this is one of the most extreme expressions of when you see distress in commodity markets. And&nbsp;we&#8217;re&nbsp;seeing right now the impact that oil has on the global economy and how that rise is felt by&nbsp;almost everybody&nbsp;everywhere.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-7\">Jeff Praissman<\/h3>\n\n\n\n<p>And for\u00a0investors and traders, I mean,\u00a0there&#8217;s\u00a0a lot of noise out there, right? And\u00a0kind of distinguishing\u00a0the signals from the noise is pretty important. How do they separate the short-term geopolitical headlines versus the actual disruption that oil production or transportation\u00a0actually could\u00a0occur or is occurring?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-7\">Will Rhind<\/h3>\n\n\n\n<p>That&#8217;s\u00a0a very interesting\u00a0question.\u00a0You know, I think that it is tempting to get swept up in the headline volatility that we see on almost a daily basis.\u00a0But I think that if you can look beyond that\u2014 number one, having a long-term allocation to something like commodities is\u00a0probably always\u00a0something to consider, as opposed to trying to react to short-term events.\u00a0But\u00a0perhaps a\u00a0good example is something like Russia-Ukraine, where that was incredibly disruptive after Russia first invaded Ukraine. As you can see, the longer that goes on, the more that sort of gets priced into markets, and\u00a0ultimately markets\u00a0move beyond that conflict and focus on other things.\u00a0And I think the market&#8217;s desperately trying to move on right now from the Iran war. And you know, I think you can see that in the pricing, in terms of equities hitting new all-time highs, and oil coming off. But of course, you know, that situation can change, particularly if the Strait of Hormuz, for one, gets disrupted in a major way.\u00a0Again, all of that can turn on its head quite quickly.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-8\">Jeff Praissman<\/h3>\n\n\n\n<p>Right. And is OPEC playing any kind of role in stabilizing the oil markets or amplifying\u2014 are they sort of just kind of on the sideline with this right now?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-8\">Will Rhind<\/h3>\n\n\n\n<p>I mean, OPEC is always\u00a0a very important\u00a0part of the overall view on oil prices. But of course, this situation is unique because it captures a lot of the major OPEC-producing countries right in the middle of this storm. And\u00a0so\u00a0for anyone from the Saudis to other oil-producing countries in the Middle East, I mean clearly their production is directly affected by\u00a0what&#8217;s\u00a0going on, and the ability to take the oil product and ship it globally.\u00a0So, you know,\u00a0perhaps in\u00a0normal times, yes, they would be able to act as a stabilizer, but as of right now,\u00a0they&#8217;re\u00a0being directly affected by this. And therefore, the ability to stabilize crude production and ship and move crude around the world is\u00a0really key\u00a0at this stage, I think, to stability.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-9\">Jeff Praissman<\/h3>\n\n\n\n<p>And oil obviously comes from a lot of places in the world that tend to pop up when we talk about sanctions, right? Russia, Iran, Venezuela\u2014 how effective or significant are these sanctions and the risks they come with, and\u00a0actually the\u00a0enforcement of them when it comes to supplies from these countries? Or can they\u00a0sort of get\u00a0lifted when they need to be?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-9\">Will Rhind<\/h3>\n\n\n\n<p>It&#8217;s\u00a0tough. I mean, I\u00a0don&#8217;t\u00a0want to say that\u00a0they&#8217;re\u00a0not effective because I think\u00a0that&#8217;s\u00a0clearly false. I think\u00a0they&#8217;re\u00a0just never going to be as precise a mechanism as\u00a0perhaps\u00a0they&#8217;re\u00a0intended to. So, for example, take Russia. Although right now those sanctions have been temporarily lifted due to the global oil price, you know, Russia&#8217;s been heavily sanctioned in terms of their crude exports, and those Western sanctions cover about 70% of crude exports from Russia.\u00a0<\/p>\n\n\n\n<p>However, their exports have\u00a0remained\u00a0resilient because they have other buyers that are not subject to\u2014 or\u00a0don&#8217;t, or ignore, I should say\u2014 sanctions, such as China.\u00a0So\u00a0this has been the same thing that has gone on with Iran and the Iranian economy for the longest\u00a0period of time. That economy&#8217;s been under sanctions, but they still find ways to sell to people who either are outside of sanctions or ignore sanctions completely.\u00a0And so again, they are effective, but I\u00a0don&#8217;t\u00a0think they can ever be perfect. And\u00a0that&#8217;s\u00a0really the problem.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-10\">Jeff Praissman<\/h3>\n\n\n\n<p>And I\u00a0kind of want\u00a0to take a step back now and focus more on\u00a0just different\u00a0investment products, right? And\u00a0also\u00a0just signals as well.\u00a0So\u00a0like, obviously inventories matter, but then, you know, people may not realize there&#8217;s futures on these commodities\u2014 like there are\u00a0futures\u00a0curves that come into play.\u00a0There&#8217;s\u00a0option markets, there are ETFs. How can they all be used\u00a0basically to\u00a0reveal how these geopolitical risks are being priced in?\u00a0Like, do they all kind of coordinate with each other?\u00a0Are there different things to look for with the different data?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-10\">Will Rhind<\/h3>\n\n\n\n<p>Yes\u2014 no, I mean, absolutely, because they are all keyed off of the actual markets themselves, whether it&#8217;s completely directly, in the case of if you own physical gold, for example, or whether it&#8217;s again indirectly through a futures contract that&#8217;s linked to oil deliveries at a certain point in time.\u00a0They&#8217;re\u00a0all\u00a0ultimately linked, directly or indirectly, to that underlying commodity price.\u00a0And therefore, they are the transmission mechanisms for price discovery in the market and correlate exactly with\u00a0what&#8217;s\u00a0going on. I think where perhaps some confusion can happen is that oil does have a cost to ship and store around the world, and that&#8217;s reflected in the futures curve of oil, which is the price of oil to be delivered today at the front of the curve and the price of oil to be delivered in the future, which is further out the curve.\u00a0<\/p>\n\n\n\n<p>And sometimes you can have a situation where the front of the curve trades higher than the back of the curve, and then vice versa. And those situations will dictate whether&nbsp;there&#8217;s&nbsp;more urgency to deliver a barrel of oil today or whether you deliver a barrel of oil in the future.&nbsp;So&nbsp;at the moment, we call that curve&nbsp;backwardated&nbsp;if the price is higher today than it is going forward, and the opposite situation we call contango, where the price for delivery today is lower than the price for delivery in the future.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-11\">Jeff Praissman<\/h3>\n\n\n\n<p>And\u00a0there&#8217;s\u00a0often been an assumption that U.S. shale can act as a shock absorber in these situations. How responsive is U.S. shale to these geopolitical supply disruptions, and where are the limits to that response? Where do they show up?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-11\">Will Rhind<\/h3>\n\n\n\n<p>So\u00a0shale definitely is a response mechanism. I think that shale correlates, again,\u00a0largely to\u00a0the global price of oil. And, you know, as\u00a0we&#8217;ve\u00a0seen in the past, a lot of shale production was brought on when capital discipline was\u00a0perhaps not\u00a0as strong as it is today, and of course where interest rates\u00a0weren&#8217;t\u00a0as high as they are today.\u00a0And the net result of all of that was that the industry\u00a0brought on\u00a0too much production that was overfinanced and ended up being a big sort of bust for shale.\u00a0We&#8217;re\u00a0now on the other side of that, but\u00a0it&#8217;s\u00a0still strongly correlated, I think, to the price of oil and to the ability for companies to finance and their capital discipline within the market.\u00a0<\/p>\n\n\n\n<p>So certainly, with prices as high as they are now, it will encourage more production, and production is certainly meaningful.&nbsp;So&nbsp;I think shale or crude production, at least, is about 13.5 to 14 million barrels this year, and shale plays a big part of that. But&nbsp;it&#8217;s&nbsp;something, again, that is driven&nbsp;largely by&nbsp;the price of oil because companies&nbsp;have to&nbsp;be profitable and&nbsp;have the ability to&nbsp;have sustainable financing&nbsp;to access&nbsp;that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-12\">Jeff Praissman<\/h3>\n\n\n\n<p>And, you know, final question, Will\u2014 in this day and age, there are so many tools for investors to get exposure to commodities and energy. Not just the futures, obviously, but there are energy ETFs or ETNs, there&#8217;s options,\u00a0there&#8217;s\u00a0spread strategies. How can investors use these tools to\u00a0kind of manage\u00a0this oil-driven volatility more effectively?\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-will-rhind-12\">Will Rhind<\/h3>\n\n\n\n<p>I mean, the great news is that\u00a0there&#8217;s\u00a0now a huge array of choices, and\u00a0really you can almost\u00a0buy an ETF for everything. I think in terms of oil shocks themselves, you\u00a0have the ability to\u00a0participate\u00a0in that directly by buying ETFs that just have underlying oil futures exposure. You can buy a broad commodity ETF that invests in the underlying commodity futures\u2014 a big portfolio, like an S&amp;P 500-type approach.\u00a0Or you can buy exposure to stocks that are involved in oil production or oil services.\u00a0So\u00a0there are a number of ways to do it, you know, and again, every expression of that has its sort of pros and cons. Ultimately, it&#8217;s about what do investors feel most comfortable\u00a0with?\u00a0What aligns with their investment goals or not? But\u00a0certainly\u00a0the tools are out there for people to take advantage of.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-13\">Jeff Praissman<\/h3>\n\n\n\n<p>Will, this has been great. For our listeners, you can find more from Will at graniteshares.com. He comes in once a month to our studio for a great podcast on commodities. And, you know, my takeaway is that commodities, and especially oil right now, really reflect real-world forces like geopolitics, inflation, and supply constraints.\u00a0But\u00a0there&#8217;s\u00a0also a lot out there for investors to get either broad exposure or targeted strategies, too.\u00a0And just understanding these market functions is really essential for them.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this episode of the Interactive Brokers Podcast, commodities expert Will Rhind joins to unpack how oil markets are being shaped by geopolitics, inflation pressures, and shifting global supply dynamics. 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