Liquidity in global futures during the 2026 Iran conflic

Using QB’s cost model as well as our recent realized results, we can see a clear increase in trading costs across almost all products in the last two weeks. Energy products like G, BRN, RB, CL show large increases in costs of 150-200%. March 9th was the day with the highest costs for energy products. AP, ES, MME, XT and ZN show moderate increases of 20-35%. YT and the Dollar Index DX has remained steady in terms of trading costs. These changes are largely in line with the increase in realized volatility. Data including March 12th 2026 is considered for all exchanges, except ASX where the data is till March 13th.

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