In 2026, the military conflict between the US and Iran escalated comprehensively, blocking the Persian Gulf shipping lane and putting pressure on the global commodity supply chain, leading to structural divergence in the markets. Energy products led the surge, with Brent crude oil breaking through $110 per barrel, an increase of over 50% compared to before the conflict. Natural gas and coal followed suit, and refining, chemical, and shipping costs rose significantly. Performance diverged among industrial metals; copper and aluminum were suppressed by weakening demand expectations, showing volatility with a downward bias. Precious metals gained support as a safe haven, with gold maintaining relative strength. Agricultural product and fertilizer prices rose due to energy cost increases, and surging freight and insurance premiums exacerbated supply tightness. International institutions noted that this shock has shifted from a geopolitical premium to actual supply disruption. The future market direction depends on the duration of the conflict, the pace of shipping lane recovery, and the coordination efforts of major producing countries. High oil prices will continue to push up manufacturing costs, intensifying global inflation and stagflation risks, and ushering in a period of restructuring for the commodity pricing system.