Commodities Weekly: Commodities caught in the geopolitical crossfire

As the ramp-up in US sanctions against Russia's energy sector has demonstrated, commodities are increasingly being caught in the crossfire of broader geopolitical machinations and tariff policy. The warning from Alberta Premier Danielle Smith that Canadians should be prepared for US tariffs with no exemptions for oil highlights another way in which things could escalate. In practice, the impact of this on the broader oil market would probably be muted in the near term. But US tariffs on Canadian oil would present an upside risk to oil prices if they remained in place for several years.