About this episode

The episode discusses recent geopolitical events affecting the commodities market, including attacks on vessels and drone strikes on Russian refineries.

Just as markets embraced an open Strait of Hormuz, a sense of déjà vu has washed over the commodities world when vessels were attacked this week. At the same time, Russian refineries continue to be targeted by drones, copper is again consumed by tariff uncertainty and the gas situation in Europe is setting up for a difficult winter. Speakers: Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy This podcast was recorded on July 10, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5359286-0, https://www.jpmm.com/research/content/GPS-5355846-0 and https://www.jpmm.com/research/content/GPS-5336739-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party…

People in this episode

Guests: Otar Dgebuadze, Greg Shearer

Topics covered

• commodities
• market analysis
• geopolitical risks
• energy
• tariffs
• natural gas
• copper

Keywords

• commodities
• Strait of Hormuz
• Russia
• natural gas
• copper
• tariffs
• geopolitical risks

Mentioned in this episode

Organizations: J.P. Morgan Global Research

Places: Strait of Hormuz, Russia, Europe

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• Global FX: CPI/ USD, Model take-aways, EM rundown · July 17, 2026 · 22 min
• EM Fixed Income: Navigating cross-currents, even on the frontier · July 16, 2026 · 21 min
• In Focus: US Defense · July 16, 2026 · 25 min

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