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MacroVoices #529 Ole S Hansen: Commodities in The Wake of The Iran Crisis

In this episode, Saxo Bank’s chief commodity strategist Ola Hansen explains how the Iran crisis is rippling through energy markets, refined products, fertilizers, metals and agriculture, creating extreme backwardation in crude oil futures. He argues that the forward curve’s steep backwardation can generate strong roll yields, allowing long‑term investors to earn returns even in a down market, and predicts oil prices will settle $10‑$15 higher once logistics normalize in two‑to‑three months. Hansen also highlights the lack of U.S. shale response and the speculative dynamics driving front‑month oil positions, while warning of potential shortages in sulfuric acid and other inputs that could fuel the next commodity cycle.