Commodity prices, particularly oil and aluminium, are declining on optimism that the Strait of Hormuz will reopen. Markets are pricing in a potential US-Iran deal that could normalize energy and metal shipping channels.
Key Takeaways
- 1.Oil prices have fallen to their lowest level since March due to the potential reopening of the Strait of Hormuz.
- 2.US Strategic Petroleum Reserve inventories have reached their lowest level since 1983.
- 3.Aluminium prices declined by over 4% amid eased supply concerns regarding shipments through the Persian Gulf.
Table of Contents
- Energy – Oil declines on Hormuz reopening expectations
- Metals - Aluminium prices fall on easing supply concerns
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Authors
Ewa MantheyWarren Patterson
Securities
NYMEX WTIICE BrentHenry Hub
Themes
Geopolitical De-escalationStrategic Inventory Management
Regions
Middle EastUnited StatesChinaIndonesia