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Conflict involving Iran and other parties across the Middle East continues to create uncertainty for global commodity trade and logistics, with freight markets closely monitoring developments affecting key transport routes.
Shipping through strategically important waterways in the region remains subject to heightened risk, prompting some operators to reroute vessels, pause transits or factor in additional security and insurance costs. These adjustments are contributing to longer transit times, tighter vessel availability and upward price pressure for commodities moving into and out of the region.
Conditions remain fluid, and logistics disruption – rather than outright supply loss – is currently the primary channel through which the conflict is affecting physical markets. The latest coverage from Fastmarkets of the war, and its implications for trade and logistics, is set out in the stories listed below.
US animal fats and oils markets have moved higher in recent weeks alongside gains in soybean oil futures and diesel values, with improving renewable diesel and biodiesel economics driving stronger demand for feedstocks.
Lundin Mining and BHP published a preliminary economic assessment on February 16 for their Vicuña joint venture, projecting average annual copper production of 395,000 tonnes over the first 25 years of operation as Argentina’s copper concentrate pipeline continues to build. PSJ Cobre Mendocino separately confirmed on February 14 that its feasibility study was under way.
The outbreak of conflict between the US, Israel and Iran on February 28 has brought shipping through the Strait of Hormuz to a near halt, disrupting China’s steel exports to a region that accounted for 14% of its total finished steel export volume in 2025.
The war between Israel, the United States and Iran is already affecting the flow of agricultural commodities from South America to Iran, particularly feed, with some soymeal cargoes said to have been washed out, market sources told Fastmarkets in the week to Thursday March 5.
Brazilian BEK prices remained influenced by seasonal demand patterns, currency movements and buyer inventory strategies, as early signs of the Middle East conflict impact on pulp markets emerged through logistics and cost considerations.
Roughly 40,000 tonnes per month of copper cathode that once flowed smoothly into the United Arab Emirates (UAE) through Jebel Ali had few options to reroute after the Strait of Hormuz officially closed on Monday March 2, with the only alternative entry points — Khor Fakkan and Fujairah — already straining under the weight of diverted cargo, market sources told Fastmarkets.
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