Global Commodities: The Week in Commodities

Research evidence excerpt

Global Commodities: The Week in Commodities

J P M O R G A N Global Markets Strategy

17 July 2026

Global Commodities

The Week in Commodities

Global Commodities Research

Natasha Kaneva

(1-212) 834-3175

natasha.kaneva@jpmorgan.com

JPMorgan Chase Bank NA

This is a summary note that consolidates the latest views of our global commodity Gregory C. Shearer

(44-20) 7134-8161

strategists published over the week; to read detailed reports, refer to the hyperlinks. gregory.c.shearer@jpmorgan.com

It also contains hyperlinks to other related research/podcasts on the global J.P. Morgan Securities plc

commodities market. Tracey Allen

Global Commodities Podcast: Eyes back on Hormuz (44-20) 7134-6732

tracey.l.allen@jpmorgan.com

The situation in the Strait of Hormuz has worsened, creating risks for the recovery of J.P. Morgan Securities plc

oil and gas infrastructure. Simultaneously, there are many questions on the return of Otar Dgebuadze, CFA

central bank diversification and gold purchases, which is a central issue for the outlook (44-20) 3493-8246

on precious metals. In this episode, we focus on the news from the Middle East, as well otar.dgebuadze@jpmorgan.com

J.P. Morgan Securities plc

as the status of gold and LNG markets.

Ali A. Ibrahim

Oil Markets Weekly: A familiar sequence (44-20) 3493-6438

ali.ibrahim@jpmorgan.com

The latest escalation stems from Iran’s attempt to redefine the terms under which J.P. Morgan Securities plc

commercial vessels transit the Strait. Rather than pursuing full closure, Tehran Lyuba Savinova

appears intent on establishing authority over navigation itself through mandatory (1-212) 270-3781

transit protocols and transit fees. Oman responded by opening a US-backed corridor lyuba.savinova@jpmchase.com

along its coast, enabling stranded vessels to leave.