Commodity Comment: Damage Control

Research evidence excerpt

Commodity Comment: Damage Control

RBC Capital Markets, LLC Christopher Louney Allison Enck

Helima Croft Commodity Strategist Assistant Vice President

Head of Global Commodity (212) 437-1925 (646) 438-3021

Strategy and MENA Research christopher.louney@rbccm.com allison.enck@rbccm.com

(212) 618-7798

helima.croft@rbccm.com John Soughan Victoria Silva

Assistant Vice President Senior Associate

(212) 428-5491 (212) 905-5841

john.soughan@rbccm.com victoria.silva@rbccm.com

June 4, 2026RESEARCH

Geopolitics, Oil, Natural Gas, Gold, Clean Energy and MENA Research

• While the Iran war stalemate persists with weekly bursts of kinetic action, Ukraine steps up its attacks on Russian energy

infrastructure (pg 1).MENA • Amid elevated energy pricing and geopolitical disruption, this year’s RBC Global Energy, Power & Infrastructure

Conference revealed a market in transition amid near-term tailwinds across oil and natural gas (pg 1 & 2).

• With the Iran conflict and the geopolitical backdrop serving as a defining theme of our energy conference, gold similarly

remains tethered to that backdrop, with just two potential paths forward in our view (pg 2).

• Clean energy investments remain elevated in 1Q2026 as developers race to a July 4 ITC/PTC eligibility deadline (pg 2).AND

Geopolitics: Damage Control helima.croft@rbccm.com

Early on Wednesday, Iran launched another wave of attacks on …that the death of US military personnel would trigger a

military and civilian sites across the Gulf, with Kuwait and resumption of active fighting. Meanwhile, Ukraine is stepping

Bahrain receiving missile and drone fire. Kuwait in particular has up attacks on Russian energy facilities, targeting a major

been targeted significantly in the renewed kinetic action, terminal in St.