Global Commodities: It’s Simple Math

Global Commodities: It’s Simple Math

From At Any Rate by J.P. Morgan Global Research

May 1, 2026 · 12 min · Episode 732

About this episode

This episode discusses the impact of the Middle East conflict on commodity markets, focusing on oil and metals through a mathematical lens.

With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of the core issues is a matter of simple arithmetic. In this episode, we break down the math on oil and metals. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy This podcast was recorded on May 1, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5287764-0, https://www.jpmm.com/research/content/GPS-5278906-0, https://www.jpmm.com/research/content/GPS-5282493-0, https://www.jpmm.com/research/content/GPS-5278073-0, and https://www.jpmm.com/research/content/GPS-5282937-0 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…

People in this episode

Guests: Natasha Kaneva, Greg Shearer

Topics covered

  • commodities
  • oil
  • metals
  • supply shock
  • market analysis

Keywords

  • commodities
  • supply shock
  • oil
  • metals
  • market analysis
  • Middle East conflict

Mentioned in this episode

Organizations: J.P. Morgan Global Research

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