Global Commodities: Prices Get Relief

Global Commodities: Prices Get Relief

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

April 17, 2026 · 12 min · Episode 724

About this episode

This episode discusses the impact of recent events in the Strait of Hormuz on global commodity prices, focusing on oil and aluminum supply and demand.

Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market’s most pressing questions, as well as discuss the recent supply and demand observations in oil and aluminum. Speakers: Natasha Kaneva, Head of Global Commodities Research Greg Shearer, Head of Base and Precious Metals Strategy This podcast was recorded on April 17, 2026. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5254466-0, https://www.jpmm.com/research/content/GPS-5265231-0, https://www.jpmm.com/research/content/GPS-5260746-0, and https://www.jpmm.com/research/content/GPS-5260671-0, 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…

People in this episode

Guests: Natasha Kaneva, Greg Shearer

Topics covered

  • Global Commodities
  • Oil
  • Aluminum
  • Market Analysis
  • Supply and Demand

Keywords

  • Iran
  • Strait of Hormuz
  • Market Reaction
  • Infrastructure Shut-ins

Mentioned in this episode

Products: Oil, Aluminum

Places: Iran, the Strait of Hormuz, Gulf, Europe, Asia, US, the Middle East

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