Aluminum hits 4 year high as US plans Hormuz blockade
Business
Aluminum just hit its highest price in four years after the US military said it would implement a blockade of the Strait of Hormuz, a key route for shipping metal out of the Middle East.
Since this region supplies about 9% of the world's aluminum, people are worried about major shipment delays and more market chaos, all thanks to rising tensions.
Emirates Global Aluminium declares force majeure
Things got even messier when Emirates Global Aluminium had to declare force majeure (basically, it can't fulfill some contracts) after one of its smelters was attacked by Iran.
This has sent price spreads on the London Metal Exchange soaring to levels not seen since 2007, showing just how unpredictable and shaky the aluminum market is right now.