Limassol, Cyprus - May 2026, Geopolitical tensions and uncertainty across global energy markets drove a sharp increase in oil trading activity during the first quarter of 2026, according to the latest Market Recap from easyMarkets. While gold remained the platform’s most traded instrument overall, crude oil emerged as one of the fastest-growing asset classes as traders responded to heightened volatility across commodity markets.
Following the exceptionally active conditions seen in late 2025, overall trading volumes moderated during the quarter. However, traders remained highly engaged, increasingly focusing on short-term opportunities created by rapid market movements and shifting geopolitical sentiment.
Energy Markets Draw Increased Attention
Gold maintained its position as the most actively traded instrument on the platform, reinforcing continued safe-haven demand during periods of uncertainty. At the same time, crude oil trading activity accelerated significantly as volatility across energy markets intensified.
Market sentiment throughout the quarter was heavily influenced by geopolitical developments involving the US, Iran, and the Palestinian territories, alongside growing concerns surrounding global energy supply routes and the Strait of Hormuz. These developments contributed to sharper price swings across both oil and gold markets.
“During the first quarter of 2026, we saw traders respond quickly to geopolitical developments, particularly within energy markets,” said Giannis Nikola, Chief Risk Officer at easyMarkets. “Gold continued to attract strong interest as a traditional safe-haven asset, while oil trading activity increased noticeably as volatility across the sector intensified.”
Gold trading activity declined by approximately 40% compared to the exceptionally elevated levels recorded during Q4 2025. Despite the decrease, gold remained the platform’s top-traded instrument overall.
Traders Favoured Short-Term Strategies
The quarter also saw continued growth in intraday trading activity, with traders increasingly favouring tactical execution and shorter-duration positions over longer-term exposure.
Client behaviour reflected a measured approach to risk management, with overall exposure and margin usage remaining relatively stable despite ongoing market volatility. Increased use of take-profit orders was also observed as traders actively managed positions during periods of rapid price movement.
“Even as market conditions evolved, traders remained disciplined,” Nikola added. “We continued to see strong engagement in short-term trading strategies, alongside more selective risk exposure and active position management.”
Geopolitics Replaced Central Banks as the Main Market Driver
Unlike previous quarters, where trading activity was largely influenced by interest rate expectations and central bank commentary, market sentiment during early 2026 was driven more heavily by geopolitical developments.
Price fluctuations across commodities reflected growing concerns surrounding regional instability and global energy flows, keeping oil and gold at the centre of trader attention throughout the quarter.
Looking Ahead
With geopolitical risks expected to remain elevated, commodities are likely to continue attracting trader attention into Q2, particularly if uncertainty surrounding global energy supply routes persists. Any easing of tensions around the Strait of Hormuz could contribute to lower oil prices and more stable market conditions, while further instability may continue driving volatility across commodity markets.
easyMarkets continues to support traders through transparent trading conditions, practical risk-management tools, and ongoing market education designed to help clients navigate changing market environments with confidence.
About easyMarkets
easyMarkets, founded in 2001, is an award-winning global broker. One of the first to offer an online experience with innovative risk management tools, including Guaranteed Stop Loss with No Slippage* and easyTrade. easyMarkets provides its sizeable clientele with a streamlined, accessible, and flexible trading experience. Offering over 275 tradeable instruments, tight fixed spreads, and 24/5 dedicated support to traders around the world, easyMarkets continues to revolutionize the trading sector by providing unparalleled security and safeguards for client funds and consistently prioritizing client commitment and satisfaction
