Benchmark three-month nickel on the London Metal Exchange climbed 1.83% to $17,110 a metric ton on Thursday, marking a sharp repricing of supply risk in the industrial metals complex.
The move signals that market anxiety over disruptions to traffic through the Strait of Hormuz is broadening beyond crude oil and into critical raw materials used in manufacturing and battery production.
The price surge follows a week of intensifying geopolitical friction in the region.
Iranian military officials have issued fresh warnings against shipping traffic, threatening action against tankers that deviate from designated routes.
These statements have heightened fears of a potential blockade or targeted attacks on commercial vessels, raising the premium on commodities that rely on the chokepoint for global distribution.
This development represents a significant shift in the risk narrative.