Commodity Roundup: Oil heads for third weekly gain; Citi sees $75–$78 Brent if Iran supply disrupted
Iran-Israel Tensions and Oil Prices: Analysts from Citibank predict that escalating tensions between Iran and Israel could increase Brent crude prices by 15% to 20%, potentially reaching $75 to $78 per barrel if Iranian oil exports are disrupted. In a more extreme scenario, JPMorgan warns that prices could spike to $120 to $130 per barrel if the Strait of Hormuz is closed.
Recent Military Actions and Market Reactions: The Israeli military has conducted strikes on Iranian military targets, leading to concerns about further U.S. involvement and potential strikes. As a result, Brent crude prices have remained steady around $77 per barrel, while West Texas Intermediate rose to nearly $74, amid fluctuating global oil market dynamics.
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- Quarterly Distribution Announcement: Sprott Focus Trust has declared a quarterly distribution of $0.1911 per share, payable on December 29, 2025, reflecting the company's ongoing commitment to cash flow and shareholder returns.
- Flexible Payment Options: Shareholders can elect to receive the distribution in cash or additional shares, which enhances market liquidity and attracts more investors.
- Stability of Distribution Policy: The fund's distribution policy is based on the rolling average of the previous four quarters' net asset values, with an annualized distribution rate of 6%, ensuring sustainability and transparency in payouts.
- Investment Performance Metrics: As of November 30, 2025, the fund's average annual total return stands at 12.49%, demonstrating its effectiveness in achieving long-term capital growth and bolstering investor confidence.
- Quarterly Distribution Announcement: Sprott Focus Trust has declared a quarterly distribution of $0.1911 per share, payable on December 29, 2025, reflecting the company's ongoing cash flow and shareholder return capabilities.
- Stable Distribution Policy: The fund has adopted a distribution policy of 6% annually based on the rolling average of the previous four quarters' net asset values, ensuring stable returns for shareholders and enhancing investor confidence.
- Transparent Source of Earnings: As of November 30, 2025, the current distribution is entirely sourced from capital return, indicating challenges in investment income that may affect future distribution capabilities.
- Investment Performance Overview: The fund's average annual total return as of November 30, 2025, stands at 12.49%, showcasing its potential for long-term capital growth, although current distributions heavily rely on capital return.

Quarterly Distribution Announcement: Sprott Focus Trust, Inc. has declared a quarterly distribution of $0.1274 per share, payable on September 29, 2025, to stockholders of record as of September 15, 2025, with options for cash or additional shares.
Distribution Policy and Sources: The Fund follows a Distribution Policy of paying quarterly distributions at an annual rate of 6% based on the average net asset values, with the current distribution sourced from net investment income, realized gains, and return of capital.
Metals Performance and Outlook: Metals have performed well in 2025, with precious metals up 26.2% and industrial metals up 10.9%. However, a neutral to bearish outlook is expected for industrial metals due to weakening demand, particularly from China, and global economic uncertainties.
Gold Price Trends: Gold prices are currently around $3,346/oz, supported by safe-haven demand and a weaker US dollar. Analysts maintain a forecast of $3,100/oz for 2025, anticipating that US Fed rate cuts and increased central bank purchases will bolster gold prices amid ongoing trade policy uncertainties.
W. Whitney George's Investment in Sprott Focus Trust: W. Whitney George purchased 196,329 shares of Sprott Focus Trust (FUND) at $7.41 each for a total of $1.45 million, currently seeing a 4.4% gain as the stock trades at $7.74. This follows previous investments totaling $3.82 million over the past year.
James A. Schoeneck's Purchase at FibroGen: James A. Schoeneck bought 23,567 shares of FibroGen (FGEN) at $5.07 each for a total of $119,485, with a current gain of 10.3% as the stock rises to $5.59. This is his second purchase in the last year, having previously invested $105,040 at $0.35 per share.

Iran-Israel Tensions and Oil Prices: Analysts from Citibank predict that escalating tensions between Iran and Israel could increase Brent crude prices by 15% to 20%, potentially reaching $75 to $78 per barrel if Iranian oil exports are disrupted. In a more extreme scenario, JPMorgan warns that prices could spike to $120 to $130 per barrel if the Strait of Hormuz is closed.
Recent Military Actions and Market Reactions: The Israeli military has conducted strikes on Iranian military targets, leading to concerns about further U.S. involvement and potential strikes. As a result, Brent crude prices have remained steady around $77 per barrel, while West Texas Intermediate rose to nearly $74, amid fluctuating global oil market dynamics.






