Over the last year, the continued march of commodity markets – especially niche markets – towards electronic trade, has made them increasingly prone to volatility from headlines. Events such as Israel’s June 2025 strikes on Iran and the outbreak of the Middle East conflict in early 2026 caused not only extreme energy market volatility but also liquidity challenges. 

“During periods of acute market stress, […] many participants pull back and the cost of illiquidity is highest,” says Sean Lambert