Oil prices are at their highest level in more than seven years, adding to inflationary pressures seen across the economy.
"[E]ach day that passes without a de-escalation, we could see more of a supporting bid to crude," she said.
"Commodity markets are increasingly vulnerable to disruptions, after a couple years of historically low outages following the initial Covid shock," the firm wrote in a note to clients."Against the backdrop of the tightest inventory levels in decades, low spare capacity and a much less elastic shale sector, this points to the skew of large energy price moves shifting to the upside, reinforcing the case for a rising allocating to commodities in portfolios.
Barclays noted that while prices may be reacting in part to a"geopolitical premium," the underlying fundamentals are fueling the push higher.
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