Commodities: “Oil price of US$100 in the event of a prolonged shutdown”
Will oil and gas prices continue to rise? That is the big question in commodity ETC trading. Turnover is high. Things are not so busy with gold and silver price trackers.
March 5, 2026. FRANKFURT (Deutsche Börse). Oil and gas are currently the big topics in commodity price ETC trading. With the attack by Israel and the US on Iran, oil and gas prices have risen rapidly. The price of a barrel of North Sea Brent crude stood at almost US$83 on Thursday afternoon, despite US President Trump announcing government guarantees for ships in the Persian Gulf. Gas has also become extremely expensive due to the supply stoppage from Qatar.
“Geopolitical risks are currently driving developments,” explains Mobeen Tahir from issuer WisdomTree. Iran accounts for only about 3 percent of global oil supplies. However, around one-third of the crude oil transported by sea worldwide passes through the Strait of Hormuz. “The overall environment remains characterized by a comfortable supply situation, with rising inventories and global production likely to exceed demand,” adds Tahir.
In light of recent events, Goldman Sachs has raised its oil price estimates by around 10 percent: The forecast for the second quarter of 2026 is now US$76 per barrel, and US$71 for WTI. “If transport volumes through the Strait of Hormuz remain low for another five weeks, the Brent price would likely reach US$100,” it says.
Energy ETCs with high turnover
There is a lot going on in commodity ETC trading. “The focus is on energy ETCs,” reports Ivo Orlemann from ICF Bank. The WisdomTree WTI Crude Oil 3x Daily Leveraged (IE00BMTM6B32) and the WisdomTree Natural Gas 3x Daily Leveraged (XS2819843900) are popular choices.
Classic price trackers such as the WisdomTree Brent Crude Oil (JE00B78CGV99) are also popular. At Lang & Schwarz, there is also a lot of activity in oil and gas ETCs, often those with leverage, as Janis Völker reports. WisdomTree reports inflows into energy ETCs for the entire month of February.
Ivo Orlemann
Gold and silver moving sideways
The precious metals market has calmed down somewhat. “However, ETC sales are still high,” Orlemann notes. Gold is currently trading at US$5,159 per troy ounce, down from its all-time high of US$5,570 at the end of January. Silver is trading at $83 after reaching a record high of almost $119.
High-volume ETCs on the ICF include Invesco Physical Gold (IE00B579F325), WisdomTree Physical Silver (JE00B1VS3333) and WisdomTree Silver 3x Daily Leveraged (<IE00B7XD2195>). A platinum ETC also appears in the ICF turnover list, the WisdomTree Platinum 2x Daily Leveraged (JE00B2NFV134). Völker from Lang & Schwarz reports purchases and sales in silver and gold ETCs. “Silver in particular is a recurring topic.”
According to WisdomTree, inflows into gold and silver ETCs remained very high in February. “Investors stuck to their defensive positioning in light of increased volatility,” explains Tahir. The renewed escalation in Iran has underscored gold's role as a geopolitical hedge. This could also favor further inflows.
Xetra Gold's (DE000A0S9GB0) gold reserves are moving sideways at a high level: currently just under 172 tons, compared to just under 173 tons at the end of 2025 and 167 tons at the end of 2024.
Silver dominates
In recent weeks, gold and silver price trackers have dominated trading on Deutsche Börse's marketplaces. Xetra Gold and iShares Physical Gold are at the top of the turnover list. Invesco Physical Gold was also traded heavily. Otherwise, however, only silver price ETCs are found in the top 10.
- More on this: cashmarket.deutsche-boerse.com
Industrial metals: “Picture unchanged”
Prices for industrial metals such as copper have also been moving sideways recently. “The overall picture remains unchanged,” explains Tahir. Demand is being supported by electrification and infrastructure trends, while supply remains tight, concentrated, and increasingly exposed to geopolitical risks. According to WisdomTree, industrial metal ETCs were in demand. Most of these involve the WisdomTree Copper (GB00B15KXQ89).
By Anna-Maria Borse, March 5, 2026 © Deutsche Börse AG
About the Author
Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock exchanges and economic issues.
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