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

24 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: The Freakonomics of Oil (44-20) 7134-6732

tracey.l.allen@jpmorgan.com

Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since J.P. Morgan Securities plc

March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, Otar Dgebuadze, CFA

it appears that geopolitics has taken control of the wheel once again. The story is, (44-20) 3493-8246

however, more nuanced. otar.dgebuadze@jpmorgan.com

J.P. Morgan Securities plc

Oil Markets Weekly: The Freakonomics of Oil Ali A. Ibrahim

(44-20) 3493-6438

The latest escalation in the Middle East hostilities has propelled Brent up nearly 40% ali.ibrahim@jpmorgan.com

in July, putting it on pace for its strongest monthly gain since March. In the US, the J.P. Morgan Securities plc

national average gasoline price has moved decisively back above $4 per gallon for the Lyuba Savinova

first time since mid-June, up from $3.79 just two weeks ago. At first glance, it appears (1-212) 270-3781

geopolitics has once again taken the wheel in energy markets. The price action, lyuba.savinova@jpmchase.com

however, is telling a more nuanced story.