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Risk appetite returned this week after the US–Iran interim peace deal was signed early, easing Middle East tensions and sending crude oil down over 12% to around US$76 a barrel. Small caps and emerging markets lead the ASX200, while both the RBA and FOMC held rates steady.

In this week’s Weekly Wrap, BFG CIO Will Riggall unpacks what’s driving markets and digs into Bell Potter’s latest commodities note from Lead Strategist Rob Crookston.

In this video, Will and Sophia cover:

• the US-Iran peace feal and the decline in oil prices
• performance across small caps and emerging markets
• the RBA and FOMC rate decisions and the diverging market reactions
• Rob Crookston’s commodities note and the case for stronger-for-longer prices.