As I depart for a mining conference in Lima, followed by several site visits across Peru, I am reminded that global markets continue to trade on headlines rather than fundamentals. 

At the moment, traders continue to live on the edge, weighing the consequences of persistent energy-led inflation stemming from the Middle Eastern crisis — now in its third month — against the optimism for a near-term resolution.

Unfortunately, recent social media commentary from the US executive branch has done little to mitigate broader market anxiety.

In the Weekly Market Digest, reports indicating a potential resolution regarding the Strait of Hormuz provided a temporary lift to US equities. Nevertheless, an uptick in real rates implies that market participants remain wary of enduring energy-driven inflation. This sentiment subsequently pressured the precious metals sector and its associated equities.

The base metals complex reflected a more tentative outlook; marginal gains in commodities affected by Middle Eastern sulfuric acid supply constraints indicate that skepticism remains about a full resolution of the conflict and the waterway's reopening. This price action provided a slight tailwind for relevant equity indices. 

The Exploration Insights portfolio was down modestly last week, as a highly positive drill result from a grassroots copper explorer only partially offset the laggards.

In Stock Talk, I cover drill results from the only US-based nickel producer, a PGM-nickel explorer in Brazil, and a Quebec-focused prospect generator. Finally, a gold developer in the western US highlights its 2026 drilling plans.