Three surprises that could inflame commodity markets in 2024

As Russia continuesLNG to pound Kyiv, Western sanctions are beginning to cripple Arctic 2, the aggressor’s largest gas-export project. In the Red Sea, through which 10% of the world’s seaborne oil travels, American forces are doing their best to repel drone attacks by Yemen’s Houthi rebels. On January 3rd local protests shut down production at a crucial Libyan oilfield. A severe drought in the Amazon risks hampering maize shipments from Brazil, the world’s largest exporter of the grain.