Commodity Prices Soar Amid US-Iran Tensions and Supply Cuts

Commodity prices have continued their upward trend in the third quarter of 2026 due to rising geopolitical tensions, supply cuts, and trade uncertainty. The reactivation of the conflict between the United States and Iran has put global supply chains under strain, increasing energy and transport costs.

The Observatory anticipates a general price increase, particularly in base metals and ferrous metals markets. Supply constraints are a major source of tension, adding to existing structural issues. Aluminum and copper continue to experience supply disruptions, while nickel is recovering.

Despite weakened demand in the short term, trends linked to technological and energy transformation support the markets. Investments in artificial intelligence, data centers, electricity grids, electric vehicles, and the energy transition will increase demand for copper, aluminum, and nickel in the long term.