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Macquarie rolls out 2022 playbook for Iran conflict

Talking Heads 2026: Volatile markets and wobbly pricing have tested commodities house

Macquarie Bank
Alamy/JHVEPhoto

This article is part of our annual Talking Heads series of interviews

While conflict in the Middle East in March caused energy prices to hit boiling point, Erik Petersson was keeping a cool head.

The head of commodity markets and finance at Macquarie watched as crude oil futures rose 60% and Europe’s benchmark natural gas contract surged 70% in barely a month. But Petersson says the bank was able to draw on the experience of four years earlier, when Russia launched its invasion of Ukraine sparking

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