Brent crude is unlikely to return to its pre-war price range even if tensions in West Asia subside, according to Ole Hansen, head of commodity strategy at Saxo Bank. Hansen expects the international benchmark to settle between $70 and $90 a barrel, compared with the $60-$70 range seen before the conflict began.

The higher floor reflects two forces, Hansen said: the risk of renewed hostilities and the need to rebuild global oil inventories once the fighting stops. Brent settled on Friday at $98.32 a barrel, with US benchmark WTI at $90.83, after falling roughly 15% on the week as hopes of a diplomatic settlement grew. The same $70-$90 range was flagged by Hansen at a media briefing in Singapore in late October, when Brent was trading above $112.

Looking beyond oil, Hansen expects gold to recover over the next 12 to 18 months and potentially reclaim the highs recorded earlier this year. He pointed to easing inflation, a possible shift towards interest rate cuts, and persistent concerns around government spending and de-dollarisation as support for the metal.

Gold was trading around $4,072 an ounce on Sunday, having rebounded from midweek lows near $3,919. Silver, by contrast, looks subdued after a sharp correction, and Hansen expects gold to outperform it, with the gold-silver ratio likely to stay above its long-term average.

Copper also retains a strong long-term outlook, Hansen said, supported by energy-transition demand even as AI investment worries weigh on the metal in the short term. Forecasts of this kind are judgements about direction, not guarantees, and prices can move sharply on diplomacy or economic data.