Markets reacted sharply to Iran allowing commercial vessels to go through the Strait of Hormuz. Despite this signal, last shipments from the Gulf have arrived across Europe, Asia and the US, while significant infrastructure shut-ins persist across the Middle East. With much uncertainty still in the air, in this episode we answer the market’s most pressing questions, as well as discuss the recent supply and demand observations in oil and aluminum.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on April 17, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5254466-0, https://www.jpmm.com/research/content/GPS-5265231-0, https://www.jpmm.com/research/content/GPS-5260746-0, and https://www.jpmm.com/research/content/GPS-5260671-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.