With two months of the Middle East conflict behind us, there is little certainty in the world of commodities. One thing is clear, however: the supply shock is spreading. Although commodity markets are highly nuanced, understanding the magnitude of the core issues is a matter of simple arithmetic. In this episode, we break down the math on oil and metals.

Speakers:

Natasha Kaneva, Head of Global Commodities Research

Greg Shearer, Head of Base and Precious Metals Strategy

This podcast was recorded on May 1, 2026.

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

https://www.jpmm.com/research/content/GPS-5273094-0, https://www.jpmm.com/research/content/GPS-5287764-0, https://www.jpmm.com/research/content/GPS-5278906-0, https://www.jpmm.com/research/content/GPS-5282493-0, https://www.jpmm.com/research/content/GPS-5278073-0, and https://www.jpmm.com/research/content/GPS-5282937-0 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.

Global Commodities: It’s Simple Math

At Any Rate