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

31 July 2026

Global Commodities

The Week in Commodities

This is a summary note that consolidates the latest views of our global commodity Global Commodities Research

strategists published over the week; to read detailed reports, refer to the hyperlinks. Natasha Kaneva

It also contains hyperlinks to other related research/podcasts on the global (1-212) 834-3175

commodities market. natasha.kaneva@jpmorgan.com

JPMorgan Chase Bank NA

Global Commodities Podcast: From chokepoints to checkbooks Gregory C. Shearer

This week delivered headlines across the board, and commodities were no exception. (44-20) 7134-8161

gregory.c.shearer@jpmorgan.com

While Brent crude prices dropped off 11% from their highs last week, the J.P. Morgan Securities plc

fundamentals have deteriorated in Hormuz and Bab-el-Mandeb, with reignited

Tracey Allen

discussions about transit fees and their legality. Do these fees have historical (44-20) 7134-6732

precedents? Can they be legal? We answer in this episode. tracey.l.allen@jpmorgan.com

J.P. Morgan Securities plc

Oil Markets Weekly: From chokepoint to checkbook

Otar Dgebuadze, CFA

Iran’s approach to the Strait of Hormuz is often framed in binary terms—either the (44-20) 3493-8246

waterway is kept open or closed. Increasingly, however, Iran appears to be pursuing otar.dgebuadze@jpmorgan.com

a different strategy: not closing the strait, but regulating its use. Precedence suggests

Ali A. Ibrahimthat the strategy could be legally defensible (Port Authority, 19 May 2026). Working

(44-20) 3493-6438

jointly with Oman, which shares jurisdiction over the Strait, Iran could argue that ali.ibrahim@jpmorgan.com