Pinar Evrim-MandaciAsil AzimliNazif MandaciMandaci, NazifMandaci, Pinar EvrimAzimli, AsilEvrim Mandaci, Pınar2025-10-062023030142070301-42071873-764110.1016/j.resourpol.2023.1039572-s2.0-85165541559https://www.scopus.com/inward/record.uri?eid=2-s2.0-85165541559&doi=10.1016%2Fj.resourpol.2023.103957&partnerID=40&md5=b162e291e32579807725c69d1bcd1bb6https://gcris.yasar.edu.tr/handle/123456789/8425https://doi.org/10.1016/j.resourpol.2023.103957This study examines the impact of global geopolitical risk on connectedness among major natural resource commodities. We implemented a Quantile Vector Autoregressive connectedness estimation approach from 5 January 2010 to 3 March 2023 including many geopolitical turbulences such as the Russian-Ukrainian war. We found high connectedness under both extraordinarily high and low return conditions. The extreme return shocks in metals tended to spillover to energy commodities. The spillover index peaked during important economic political and financial developments. In addition geopolitical risk drives connectedness among natural resources commodities under average market conditions. Our results may help investors with portfolio optimization and risk management practices and guide policymakers toward attaining financial market stability. © 2023 Elsevier B.V. All rights reserved.Englishinfo:eu-repo/semantics/closedAccessCommodities, Connectedness, Geopolitical Risk, Natural Resources, Commerce, Financial Data Processing, Financial Markets, Investments, Risk Management, Auto-regressive, Commodity, Condition, Connectedness, Economic Development, Energy Commodity, Estimation Approaches, Financial Development, Geopolitical Risks, Return Shock, Natural Resources, Commodity Market, Economic Development, Financial Market, Financial System, Geopolitics, Natural Resource, Russian Federation, UkraineCommerce, Financial data processing, Financial markets, Investments, Risk management, Auto-regressive, Commodity, Condition, Connectedness, Economic development, Energy commodity, Estimation approaches, Financial development, Geopolitical risks, Return shock, Natural resources, commodity market, economic development, financial market, financial system, geopolitics, natural resource, Russian Federation, UkraineCommoditiesConnectednessNatural ResourcesGeopolitical RiskArticle