Paul Bloxham, HSBC's Chief Economist for Global Commodities, stated in his latest report that the market has entered a "super squeeze" phase, with commodity prices likely to remain elevated for longer. This is due to ongoing disruptions to global supply from the Iran war, the Russia-Ukraine conflict, and El Niño, coupled with increased demand driven by AI infrastructure investment and the energy transition. As a result, the bank has raised its forecast for the average commodity price increase in 2026 from 16% to 22%, and its 2027 forecast by 14% compared to previous estimates. The Strait of Hormuz is currently largely closed, with London copper futures briefly surpassing $14,700 per metric ton and Brent crude oil futures rising back above $102 per barrel.