Global aluminum prices rose on Monday after attacks targeting two of the world’s largest aluminum smelters in the Gulf, which Iran said it carried out.
According to France 24, aluminum prices increased by 4.22 percent, reaching $3,435 per ton, after earlier gains of about 6 percent during the day.
Ipek Ozkardeskaya, an analyst at Swissquote Bank, said the escalation of conflict in the Middle East pushed both crude oil and aluminum prices higher at the opening of global markets.
Analysts at ANZ Bank noted in a recent report that the Middle East has become a key supplier of aluminum to markets including the European Union, the United States and Japan, particularly after sanctions were imposed on Russian aluminum following the Russia-Ukraine war.
Iran said on Sunday it was responsible for attacks targeting two major aluminum smelters in the Gulf region, specifically in Bahrain and the United Arab Emirates.
The attacks come about a month after the outbreak of the U.S.-Israeli–Iranian war, with strikes increasingly extending beyond military targets to economic and service infrastructure in neighboring countries. Kh.A
