Global Commodities: The ways of water

Since our last episode in early August, markets have faced a new wave of escalation in the Middle East, stressing commodity prices from energy to agriculture. To make matters even more complicated, the El Niño weather pattern is also in full swing. Today, we focus on how the Strait of Hormuz and the Pacific Ocean are impacting markets across the globe.   Speakers:  Natasha Kaneva, Head of Global Commodities Research Tracey Allen, Head of Agricultural Commodities   This podcast was recorded on September 18, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5448646-0, https://www.jpmm.com/research/content/KAL-1-1UQ84TE8 and https://www.jpmm.com/research/content/GPS-5454135-0 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.