Geopolitical risks remain the primary driver of market uncertainty as we move through early 2026. The World Economic Forum’s latest assessment identifies geoeconomic confrontation as the top global risk for the year, surpassing even traditional armed conflict. This reflects a "new age of competition" where trade wars, sanctions, and the weaponization of supply chains are the main tools of international pressure. Global risk indicators remain at historically high levels. Approximately **90%** of experts anticipate either a "turbulent" or "unsettled" global outlook over the next two years. Geoeconomic friction has climbed eight positions in risk rankings, with **18%** of analysts viewing it as the most likely trigger for a systemic crisis in 2026. Commodity markets are caught in the crossfire of these tensions. While some spot prices have stabilized, volatility remains a defining feature. Brent crude oil is projected to face an oversupplied market, yet prices maintain a geopolitical risk premium due to ongoing conflicts. Conversely, gold continues its record-breaking trajectory, fueled by central bank purchases averaging **70 tonnes** per month. Sector performance is increasingly split. Industrial metals like copper and aluminum are expected to outperform as the race for AI dominance and energy transition infrastructure intensifies. Copper prices are forecast to average **$11,400** per tonne in 2026, driven by supply deficits and strategic stockpiling. Meanwhile, the "LNG supply wave" is expected to surge by over **50%** through 2030, potentially reshuffling global energy dependencies. Economic indicators suggest a cooling but resilient global landscape. Global GDP growth is projected to hold steady at approximately **2.9%** for 2026. However, persistent inflation—ending last year at **2.9%** in the US—has stalled progress toward central bank targets. This stickiness, combined with "aggressive" tariff policies, has pushed the Global Economic Policy Uncertainty Index to all-time highs. Investors are navigating an environment where macro headlines often overshadow market fundamentals. The risk of "stagflationary shocks" remains a concern, particularly if trade restrictions intensify. As major powers secure spheres of interest, the cost of global trade is rising, ensuring that even if prices take a temporary breather, the underlying market tension is far from over.