Insight
The Ripple Effect: How conflict is impacting global metals & mining
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Middle East conflict, which escalated in early 2026, is sending shockwaves through global metals and mining markets far beyond the region's borders. The closure of the Strait of Hormuz has disrupted over 50% of seaborne sulphur supply, strained shipping lanes, and shut in approximately 11 million barrels per day of crude oil. Aluminium faces production losses of 3.0 to 3.5 Mt in 2026, steel output in the region has fallen 33%, and sulphuric acid prices have surged 245% year-on-year. Copper, nickel, zinc, and lead are all feeling the pressure through rising input costs and tightening supply chains. Overlaid on a slowing global economy, with GDP forecasts cut to 2.3%, the conflict is reshaping investment decisions, trade flows, and energy policy in ways that will outlast the immediate crisis. Wood Mackenzie's cross-commodity analysis spans ten sectors to assess what this means for your assets and markets.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Power & Renewables Compass April 2026
How the Middle East conflict is impacting the global power and renewables sector
$3,000
Insight
Legislation with the handbrake on - assessing the impact of the EU’s Industrial Accelerator Act
The EU's Industrial Accelerator Act aims to increase its manufacturing sector's GDP share to 20% but falls short in its current form.
$1,050
Insight
Tokyo Metals and Mining Briefing 2025
Ferrous market outlook, energy transition, and trade dynamics—key insights from Wood Mackenzie’s Metals and Mining Tokyo briefing.
$1,050
