LSEG Data & Analytics
May 28, 2026
Inside Commodities
Weekly UpdateCommoditiesEquitiesMacro Economic IndicatorsEnergyMaterials
Global commodity markets are facing severe disruption due to the U.S.-Israeli war on Iran, which has throttled shipping in the Strait of Hormuz and driven up energy and metal prices. Trade flows are shifting, with Canada favoring European aluminum markets and the U.S. seeing limited relief from domestic shipping waivers.
Key Takeaways
- 1.The U.S.-Israeli war on Iran, which began February 28, has severely disrupted the Strait of Hormuz, blocking 20% of global oil and LNG supply.
- 2.President Trump's Jones Act waiver has failed to significantly lower U.S. gasoline prices due to high international freight rates and low utilization volumes.
- 3.Canada is diverting aluminum exports from the U.S. to Europe to capitalize on record-high premiums ($621/ton) and fill supply gaps caused by the Iran war.
Table of Contents
- Top News - Oil
- Top News - Agriculture
- Top News - Metals
- Top News - Carbon & Power
- Top News - Dry Freight
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Authors
Dhanya
Securities
ValeroPSXCosco
Themes
War-induced supply chain disruptionProtectionist trade policy and tariffsEnergy security and diversification
Regions
Middle EastNorth AmericaEuropeUnited StatesCanadaIran