Research paper
The Hormuz shock: commodity price transmission, drivers and curve-implied outlook
30 Jun 2026 · 15 min read · Wholesale clients only
Oil and urea, priced on liquid forward curves, have round-tripped. Sulphur and helium, with no curve, kept rising after the strait reopened. Why market structure, not just physical exposure, sets how a commodity prices a geopolitical shock.
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