Futures Microstructure During The 2026 Iran Conflict

Building on our early-March publication [SA26], we revisited trading conditions using the full month of March data. This update maintains the same framework, metrics, and presentation format to ensure direct comparability with our initial findings. As shown in Figure 1-4, we continue to observe elevated trading costs across most futures products relative to pre-conflict conditions. The broader March dataset confirms that the initial dislocations identified in early March were not transient but persisted throughout the month, albeit with some normalization in select markets.

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