The conflict in the Middle East created major disruptions for commodities, causing a 41% spike in crude oil prices and a 56% jump in liquefied natural gas (LNG) prices month-over-month, Westpac said in its March commodity forecast.

The bank expects a near-term resolution to the conflict, limiting the spike in crude oil prices to around $110 per barrel with a Brent crude oil June quarter average price of $90 per barrel and an end-June estimate of $85 per barrel. It then expects the average Brent crude oil price for the September 2027 quarter to fall to $60 per barrel.

The quarterly average forecast for LNG is expected to rise to $17.20 per million British thermal units in the June quarter and then to $18.90 per million British thermal units in the succeeding three-month period.

Gold's quarterly average forecast price is anticipated to come in at $5,190 per ounce in the June quarter, before reaching a peak of $5,570 per ounce in the December quarter. It is then expected to fall to $3,860 per ounce in the June 2029 quarter.