DBT Bureau
Pune, 23 April 2026
Commodity markets turned volatile as geopolitical tensions involving Iran, the U.S., and Israel intensified, driving crude prices toward $100 per barrel while lifting precious and base metals amid mounting supply disruptions and fragile ceasefire prospects, according to a report by Geojit Investments.
- Precious metals rebounded after recent losses following remarks by U.S. President Donald Trump about an indefinite extension of the ceasefire with Iran to facilitate further peace talks.
- Caution persisted in the market over the durability of the ceasefire, as prospects for a longer-term peace appeared increasingly fragile. Iran said it would not take part in a second round of negotiations that the U.S. had hoped to begin before the ceasefire expires, raising fresh concerns about the deal’s future.
- The head of the International Energy Agency (IEA) warned that the escalating conflict involving Iran, the U.S., and Israel is triggering the most severe energy crisis the world has ever experienced.
- Crude oil prices surged, with ICE Brent variant testing USD100 a barrel and wiping out earlier losses after reports of gunfire attacks on at least three container ships in the Strait of Hormuz.
- Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe.
- OPEC+ agreed to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
- Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter in the UAE that was hit by an Iranian attack late last month could take up to a year.
- China’s primary aluminium production in March rose 2.7% yoy, as supply fears linked to the Iran conflict supported prices of the light metal. Aluminium production climbed to 3.85 million metric tons in March.
- China’s refined copper output reached a record high in March, defying planned output cut. Refined copper production in March surged 8.7% yoy to 1.33 million metric tonnes, surpassing the record set in December.
