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Geopolitical Score 88 Bearish

Geopolitical Tensions in Middle East Weigh on Base Metals as Oil Climbs

Apr 24, 2026 04:20 UTC
HG=F, CL=F
Short term

Base metals, led by copper, are tracking toward weekly losses amid persistent uncertainty regarding the conflict between the US and Iran. Concerns over global economic growth intensify as the Strait of Hormuz remains largely obstructed.

  • Copper and base metals trending toward weekly losses
  • Indefinite ceasefire extension fails to trigger US-Iran talks
  • Strait of Hormuz blockage continues to disrupt shipping
  • Oil prices mark fifth consecutive daily increase
  • Rising energy costs spark global growth warnings

Industrial metals are facing significant downward pressure as geopolitical instability in the Middle East continues to cloud the global economic outlook. Copper and other base metals are currently positioned for weekly losses, reflecting investor anxiety over the broader macroeconomic environment. The slump comes as hopes for a diplomatic resolution between the United States and Iran fade. Despite President Donald Trump's decision to extend a ceasefire indefinitely earlier this week, there are few indications that the two nations will resume formal negotiations. The situation is exacerbated by the continued blockage of the Strait of Hormuz, a critical artery for global energy shipments. This disruption has fueled a rally in energy markets, with oil prices recording their fifth consecutive daily gain. The combination of rising energy costs and the threat of disrupted trade is triggering warnings about a slowdown in global growth. For base metals, which serve as a proxy for industrial demand, this environment creates a bearish headwind as markets price in the risk of a systemic economic contraction.

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