Commodities were on mostly sound footing in the first half of 2019. The S&P GSCI returned more than 13 percent as of June 30, one of the best first six months in recent memory. It was not without its challenges, though.
In a repeat of last year, crude oil was the top performing commodity, up 28.76 percent as of June 30. Price action was driven mostly by tensions in the Middle East as well as extended supply cuts by the Organization of Petroleum Exporting Countries (OPEC) and its allies. Global growth concerns began to put pressure on oil in April, but prices surged following June’s attack on two tankers near the Strait of Hormuz, for which the U.S. blamed Iran.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.