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Hormuz Disruption Triggers 2 Million-Ton Aluminum Shortage, Prices Surge

4/26/2026

Summary

Story summary

Iran’s Hormuz chokepoint disruption has sparked an aluminum supply shock, per Goldman Sachs, JPMorgan and Mercuria.
Mercuria’s Nick Snowdon said the Gulf, supplying 9% of world aluminum, may face a 2 million-ton deficit by year-end with inventory of 1.5 million tons.
JPMorgan warned of a ‘black hole’ outage if Hormuz traffic resumes, while Goldman’s James McGeoch called the shock unprecedented, urged preparation and said aluminum prices have risen to a four-year high.

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Story summary

Iran’s Hormuz chokepoint disruption has sparked an aluminum supply shock, per Goldman Sachs, JPMorgan and Mercuria.
Mercuria’s Nick Snowdon said the Gulf, supplying 9% of world aluminum, may face a 2 million-ton deficit by year-end with inventory of 1.5 million tons.
JPMorgan warned of a ‘black hole’ outage if Hormuz traffic resumes, while Goldman’s James McGeoch called the shock unprecedented, urged preparation and said aluminum prices have risen to a four-year high.