What will a Ukraine peace deal do to commodities?

Friday 28 November 2025

I cannot comment on the prospects of the latest deal, but we can run some scenario analysis to assess the outcomes.

Goldman looks at oil.

Brent crude prices have declined 5% over the past week to $62/bbl as the market reassesses the prospect of a potential Russia-Ukraine peace deal.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.