Aluminum futures in the UK dropped by as much as 1.4% toward $3,500 per tonne in Asian trading, the lowest in a month, as persistent tensions in the Middle East and prospects of higher US interest rates weighed on the demand outlook. Oil prices rebounded after fresh US strikes against Iran, fueling inflation concerns and increasing the likelihood of tighter monetary policy, which could slow global growth and dampen demand for industrial metals. Despite the decline, prices remain more than 19% higher year-to-date, supported by tightening supply conditions as dual blockades in the Strait of Hormuz continue to restrict aluminum exports from the Persian Gulf, which accounts for 9% of global production. Supply risks have been further exacerbated by direct attacks on major facilities in the region. EGA’s flagship smelter is expected to take up to a year to return to full capacity, while operations at Bahrain’s ALBA facility remain partially suspended.

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