This week’s commodity price action was defined by a dramatic mix of geopolitical risk and shifting macro data that set the tone early — only for sentiment to fade into Friday’s close. Markets opened the week with heightened tensions in Iran, including new confrontations and sanctions headlines that briefly lifted energy and safe-haven commodities on fears of supply disruption in the Middle East. That geopolitical risk premium was amplified by mixed macro data out of the U.S. — where inflation readings showed persistent stickiness even as jobs data remained softer than expected — leaving traders conflicted about the path for policy and growth.