Just as energy prices seemed to be settling into a lower range, the latest missile attacks in the Middle East have escalated the prospects of a broader war in the region.

At the same time, China has unleashed a barrage of stimulus to support its economy.

So what does this all mean for oil prices and the commodity complex more broadly, especially gold?

I think the risks in the short term are skewed somewhat to the upside, not only because of the

possibility of supply disruptions in the Middle East, but also because if you look at speculative

positioning, you're in the lowest 1% of history.

I'm Allison Nathan and my colleague Don Stroven, our co-head of Commodities Research for

Answers.

Don, welcome back to the program.

Thanks, Allison. It's great to be on. So Don,

welcome back to the program.

Thanks, Allison, it's great to be on.

So Don, lots to discuss. Let's dive in to the worry that is front and center on all of our minds,

the prospects of a wider war in the Middle East.

Oil prices that had moved to the lowest

range in three years jumped after Iran's recent missile attack of Israel and

the prospect of retaliation, which continues to linger.

What's your take on how these developments might impact the oil market from here after this

what we've already seen as a very large price move?

So the big question of course is whether we are going to see any actual disruptions to supply in the Middle East.

I think the reason the Geopolitical Risprium had been quite modest in old prices until basically Tuesday of last week is that despite

wars both in the Middle East and also in Ukraine with Russia we hadn't really seen any

...