Global Commodities: Eyes back on Hormuz

The situation in the Strait of Hormuz has worsened, creating risks for the recovery of oil and gas infrastructure. Simultaneously, there are many questions on the return of central bank diversification and gold purchases, which is a central issue for the outlook on precious metals. In this episode, we focus on the news from the Middle East, as well as the status of gold and LNG markets.   Speakers:  Otar Dgebuadze, European Natural Gas Greg Shearer, Head of Base and Precious Metals Strategy   This podcast was recorded on July 17, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5364444-0, https://www.jpmm.com/research/content/GPS-5363056-0 and 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.