Due to worries about supply interruptions following Iran’s attack on two significant Gulf installations that produce the widely used metal, aluminum prices increased by almost 6% in early trade on Monday.

According to Ipek Ozkardeskaya, an analyst at Swissquote Bank, “the escalation and expansion of the Middle East conflict sent crude oil and aluminum up at the open.”

Iran’s Revolutionary Guards claimed that over the weekend, they attacked aluminum companies in Bahrain and the United Arab Emirates using missiles and drones, targeting what they claimed were US military-affiliated businesses.

The conflict, which started on February 28 with US-Israeli attacks on Iran, has spread throughout the region, plunging global energy prices and posing a threat to the world economy.

According to analysts from ANZ Bank, “the Middle East became a crucial supplier to the European Union and countries including the US and Japan” after sanctions were placed on Russian aluminum due to the conflict in Ukraine.

“Any additional delivery disruption would add upward pressure on aluminum prices and premiums,” they continued.