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The U.S. and Israel’s war with Iran has upended the supply of aluminum in the Middle East, sending prices of the base metal skyrocketing.
While aluminum may be the most abundant metal on earth, it is crucial to the function of the world economy.
It is an essential material across electronics, transport, and construction, as well as other industries such as solar panels and packaging.
At the outbreak of the Iran conflict on Feb. 28, 3-month LME aluminum futures initially jumped by as much as 10% by March 12 before paring some gains to land around 8% higher, as the effective closure of the Strait of Hormuz has caused a significant disruption to supply.
