Geopolitical Tensions Drive Oil Trading Surge in Q1 2026, easyMarkets Reports

Geopolitical tensions and uncertainty in global energy markets spurred a sharp rise in oil trading activity during the first quarter of 2026, according to a market recap from broker easyMarkets. While gold remained the platform's most traded instrument overall, crude oil emerged as one of the fastest-growing asset classes as traders reacted to heightened commodity market volatility.

Overall trading volumes moderated from exceptionally active late-2025 levels, but traders stayed highly engaged, focusing on short-term opportunities from rapid market moves and shifting geopolitical sentiment. Gold maintained its position as the most actively traded instrument, underscoring safe-haven demand, while crude oil trading accelerated significantly amid intensifying energy market volatility.

Market sentiment was heavily influenced by geopolitical developments involving the US, Iran, and Palestinian territories, alongside concerns over global energy supply routes and the Strait of Hormuz, contributing to sharper price swings in oil and gold. "Gold continued to attract strong interest as a traditional safe-haven asset, while oil trading activity increased noticeably as volatility across the sector intensified," said Giannis Nikola, Chief Risk Officer at easyMarkets. Gold trading activity fell roughly 40% from Q4 2025's elevated levels but remained the top-traded instrument.

The quarter saw growth in intraday activity, with traders favoring tactical execution and shorter-duration positions over longer-term exposure. Client behavior showed a measured approach to risk, with overall exposure and margin usage staying relatively stable despite volatility. Increased use of take-profit orders was noted as traders actively managed positions. "Traders remained disciplined, with strong engagement in short-term strategies, alongside more selective risk exposure and active position management," Nikola added.

Unlike prior quarters driven by central bank policy, market sentiment in early 2026 was dominated by geopolitics. Commodity price fluctuations reflected worries over regional instability and energy flows, keeping oil and gold in focus. With geopolitical risks expected to stay high, commodities are likely to continue drawing trader attention into Q2, especially if uncertainty over energy supply routes persists. Easing tensions around the Strait of Hormuz could lower oil prices and stabilize markets, while further instability may drive continued volatility.