03 July 2025 | 11:30 UTC
INTERACTIVE: Iran crisis, strike fears rattle key commodity markets
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Worries over conflict between Israel and Iran have triggered a surge in buying across commodity markets. Iran has a sprawling oil infrastructure and a strategic position controlling 20% of global crude transit through the Strait of Hormuz.
Oil futures jumped 7% but then retreated as supply disruptions failed to materialize. The initial price leap across oil, gas, metals, chemicals and fertilizers highlighted Iran's outsized role in global supply chains -- controlling key shipping lanes, hosting major petrochemical facilities, and producing critical materials that feed industries from agriculture to manufacturing worldwide.