The conflict involving Iran has caused a surge in oil prices, with Brent crude reaching approximately $102 per barrel. This increase coincides with strong demand for electric vehicles, particularly in Europe where sales jumped 36% year-over-year in August. Rising demand for EVs is driving up the need for battery metals such as lithium, nickel, and copper, whose spot prices are also seeing upward pressure. According to prediction markets, the probability of crude oil reaching a new all-time high by September 30 remains low at just 0.5%, compared to 12% for year-end.
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