40:I[185,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/2aeejfufo02km.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/2qm8z4gyuajgj.js","/_next/static/chunks/3jnlvw-emqotx.js"],"SendEmailButton"] 42:I[63625,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/2aeejfufo02km.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/2qm8z4gyuajgj.js","/_next/static/chunks/3jnlvw-emqotx.js"],"AddToLibraryButton"] 43:I[29721,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/2aeejfufo02km.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/2qm8z4gyuajgj.js","/_next/static/chunks/3jnlvw-emqotx.js"],"ShareButton"] 44:I[58016,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/2aeejfufo02km.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/2qm8z4gyuajgj.js","/_next/static/chunks/3jnlvw-emqotx.js"],"ProcessEpisodeButton"] 45:I[45269,["/_next/static/chunks/3xnt26d00_zk-.js","/_next/static/chunks/2aeejfufo02km.js","/_next/static/chunks/42spz6paskvb6.js","/_next/static/chunks/06x30xgfe6iur.js","/_next/static/chunks/2qm8z4gyuajgj.js","/_next/static/chunks/3jnlvw-emqotx.js"],"SignupCTA"] 39:["$","span",null,{"aria-hidden":true,"children":"·"}] 3a:["$","span",null,{"children":"00:12:11"}] 41:T543,

Brent is up nearly 40% in July, setting itself up for the strongest monthly gain since March. With flows from the Persian Gulf suppressed and Red Sea shipments at risk, it appears that geopolitics has taken control of the wheel once again. The story is, however, more nuanced.

Speaker:

Natasha Kaneva, Head of Global Commodities Research

This podcast was recorded on July 24, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5374973-0 and 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.