Vi e w p o i n t | 03 Mar 2026 15:36:51 ET │ 8 pages Metal Matters Ongoing Iran conflict risks copper dip below $12k/t near-term CITI'S TAKE We highlight material copper price downside risk while the Iran conflict continues (see our oil note here for background). Our base case is the conflict eases within weeks and copper rebounds to $13.5-$14 k/t within three months. However, sub-$12k/t copper is certainly plausible in the coming weeks while disruption to gulf energy infrastructure and shipments persists, ...

Group 1 - The Middle East situation is escalating, igniting a global risk aversion wave, with crude oil futures surging and U.S. stock index futures opening lower [1] - Israeli airstrikes targeted two oil refineries in Iran's Bushehr province, marking a significant escalation in the conflict [1] - WTI crude oil futures opened with a 6% surge, while Brent crude oil futures rose approximately 5%, continuing a remarkable 7.3% increase from the previous Friday [1][2] Group 2 - The current price of Brent crude oil CFD is $75.29, reflecting a gain of 1.43%, while WTI crude oil is priced at $72.42, up by 1.59% [2] - U.S. stock futures are all opening lower, with Dow futures down 0.3% and both S&P 500 and Nasdaq 100 futures declining by 0.2% [2] - Gold prices are experiencing fluctuations, currently up about 0.3%, trading around $3,450 per ounce, just $50 shy of the historical high set in April [3] Group 3 - The conflict between Israel and Iran has expanded to energy facilities, with the recent attacks being the first direct strikes on Iranian energy infrastructure since the 1980s [6] - Analysts warn that this could be the most severe attack on oil and gas infrastructure since the 2019 Abqaiq attack, which temporarily shut down half of Saudi Arabia's oil production [6] - Concerns are rising over the potential escalation of conflict affecting the Strait of Hormuz, a critical passage for one-third of global oil transport, which could lead to catastrophic impacts on global energy supply [6]