Global Commodity Markets Diverge Amid Geopolitical Tensions
Energy and certain industrial metals surged due to concerns over supply shortages, while precious metals fluctuated and agricultural commodities were affected by rising costs and trade disruptions.
A key factor in these market shifts was the disruption of the Strait of Hormuz, a vital route for global energy and industrial materials.
Energy markets saw the largest increases. Brent crude climbed to $119.5 per barrel, up 47.2% and reaching levels not seen since June 2022, while the US benchmark West Texas Intermediate jumped 76.6%.
Natural gas prices also spiked, with Dutch TTF contracts rising 96.2% to €50.3 ($58.73), marking the highest levels since January 2025. These gains were largely driven by disruptions to shipping in the Strait of Hormuz and production outages across the Gulf region.
Qatar’s halt of output alone removed roughly 20% of global liquefied natural gas (LNG) supply from the market, intensifying price pressures.
Among industrial metals, aluminum stood out with an 18.3% increase, reaching a four-year high amid mounting supply concerns.
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