Aluminum Prices Reach $3,615.90 per Ton Amid Middle East Conflict-Related Supply Disruptions

Aluminum prices rallied to multi-year highs on April 22, 2026, amid supply shortages triggered by the ongoing Middle East conflict, which has partially shut down major producers in the region. At 6:51 am ET on the London Metal Exchange, aluminum was trading 2.36% higher at $3,615.90 per ton, Benzinga reported.

The ongoing Middle East conflict has evolved into one of the most severe recent energy shocks, according to the International Energy Agency, the International Monetary Fund, and the World Bank. The crisis has had polarizing effects, with energy and aluminum markets facing immediate supply shortages.

The result is the rally to multi-year highs that prompted analysts and investors to revise their price targets.

Missile and drone strikes targeted major aluminum producers, including Emirates Global Aluminum and Aluminum Bahrain, known as Alba, leading to partial shutdowns of operations. Strikes hit Aluminum Bahrain's facility, the world's largest single-site smelter at 1.6 million metric tons of annual capacity, and Emirates Global Aluminum's Al Taweelah site.

' This capacity represents nearly 9% of the estimated global supply for 2026, Mercuria data shows. Middle East aluminum is hard to replace, with China capped on output and limited spare capacity in the U.S. and Europe, Mercuria stated. Mercuria projects a roughly 2 million ton deficit in the aluminum market by the end of 2026.

Mercuria projects a roughly 2 million ton deficit by year-end, but notes the estimate could be conservative if improved alumina flows through the Strait of Hormuz allow some smelters to restart production this quarter.

Some of the ETFs to focus on are Invesco DB Base Metals Fund (NYSE: DBB), Global X Commodity Strategy ETF (BATS: COMD) and iShares US Basic Materials ETF (NYSE: IYM). DBB Invesco DB Base Metals Fund $25.10 1.29%. COMD Global X Commodity Strategy ETF $27.29 -0.90%. IYM iShares U.S. Basic Materials ETF $184.50 0.72%.