Nearly all market moves are being driven by the war with Iran at this point.
Aluminium moved close to price levels not seen since 2022 after Iranian attacks on two Middle Eastern producers.
Brent is on pace for its biggest monthly surge on record, while our spreads remain stable.
U.S. President Donald Trump said on Monday that the U.S. will “completely” obliterate Iran’s Kharg Island if the Strait of Hormuz is not “immediately” reopened.
The amount of oil supply being lost every 10 minutes is 100,000 barrels due to the closure of the strait.
Countries around the world are now starting to implement emergency measures, which means oil is becoming even more acutely central to both inflation expectations and growth. FX pairs and gold should also be watched closely as key reflections of this shift.
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