Head of Commodities and Macroeconomic Research, WisdomTree Europe
Nitesh Shah est un expert confirmé de la finance, qui possède plus de 24 années d’expérience dans la recherche et la stratégie d’investissement. Chez WisdomTree, en tant que Directeur de la recherche sur les matières premières et la macroéconomie pour l’Europe, il supervise l’analyse des marchés et les renseignements sur les catégories d’actifs, en plaçant l’accent sur les matières premières et les produits indiciels cotés en bourse. Il a précédemment occupé différents postes chez Moody’s, HSBC Investment Bank, Pension Protection Fund et Decision Economics, fonctions dans lesquelles il a acquis une expertise approfondie en stratégie et en analyse de marché. Nitesh est titulaire d’une maîtrise en économie internationale et finance de l’université Brandeis, ainsi que d’une licence en économie de la London School of Economics. Ses analyses sont régulièrement relayées dans les médias financiers. Il est également un intervenant très sollicité lors des événements de ce secteur. Il anime le podcast « Commodity Exchange », dans lequel il aborde les tendances qui façonnent les marchés mondiaux. Animé par sa volonté d’accompagner les investisseurs, Nitesh fournit des analyses concrètes qui leur permettent d’évoluer dans des environnements financiers complexes.
The expected US-Iran MoU has shifted oil market focus from supply disruption to supply recovery. While reopening the Strait of Hormuz could restore oil flows, uncertainties remain around security, insurance and sanctions relief. Iranian production recovery and the UAE's exit from OPEC could boost supply, while weak Asian demand raises the risk of a significant oil surplus emerging in 2027.
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Global oil inventories are falling at a record pace as the Strait of Hormuz disruption removes around 13 million barrels per day of supply. While headline inventories remain high, usable stocks are being depleted rapidly. As inventories approach operational limits, the market's ability to absorb further shocks diminishes, increasing the risk of a sharp spike in oil prices.
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Agricultural commodities are re-rating in 2026 as two converging supply shocks — the Iran war's disruption to fertilizer flows through the Strait of Hormuz and a developing El Niño, compress production across grains, oilseeds, and softs simultaneously. 
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Silver’s outlook ultimately hinges less on its own fundamentals and more on its relationship with gold. While softer industrial and jewellery demand and moderate investment flows may act as near-term headwinds, these are unlikely to outweigh the influence of a supportive macro backdrop for precious metals. With the market still in deficit and structural demand drivers intact, silver remains well positioned to participate in further upside, albeit with continued volatility.
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 The Iran conflict may appear as an energy shock, but its impact runs much deeper. Disruptions to LNG, fertilisers and key chemical inputs are cascading through global supply chains, affecting metals and industrial production. Even if the Strait reopens, recovery will be slow, reinforcing the case for broader commodity exposure beyond oil and gas.
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