Crude oil prices are climbing toward $100+ per barrel as global inventory drawdowns accelerate and China resumes significant crude purchases. Shipping disruptions in the Middle East from Houthi threats and tanker attacks are constraining supply, while Energy Aspects analyst Amrita Sen warns the market has reached an inflection point heading for higher prices.
Copper prices hit record highs while smelters operate at losses due to a structural supply squeeze. China controls half of global smelting capacity but faces negative treatment charges as mine supply fails to keep pace with processing capacity, creating a multi-year deficit driven by energy transition demand.