Welcome to 2024! Extreme weather, economic uncertainty and mounting geopolitical risks from Ukraine and Russia to Israel and the broader Middle East were dominant themes last year, and are poised to remain part of the storylines in the weeks and months ahead. Rising tensions in the Red Sea have disrupted container shipments through the key trading route, raising prospects for more expensive commodities as vessels are forced to embark on longer travel routes. While oil traders largely looked past the conflict in the waning days of 2023, volatility is crawling back in the first trading sessions of January.

Here are five notable charts to consider in global commodity markets this year.