In mid-May 2026, the US-Iran diplomatic negotiations officially broke down. Iran explicitly rejected the negotiation plan proposed by the United States, calling its requirements excessive and unacceptable, while the United States responded toughly, and the geopolitical game between the two sides escalated again, triggering fluctuations in the global financial market. Affected by the tense situation in the Middle East, international commodities ushered in a collective rise. Among them, Brent crude oil broke through $104 per barrel, WTI crude oil rose by 3.77%, COMEX gold exceeded $4,750 per ounce, spot silver soared by 7%, and LME copper approached the high of $14,000 per ton. The core driver of this commodity rise is the concern about energy supply caused by the tense situation in the Middle East, the uncertain prospect of navigation through the Strait of Hormuz, coupled with the growing demand for industrial raw materials brought by the explosion of the AI industry. The market has entered a rising cycle driven by geopolitical risks, and global inflation pressure has rebounded.