Global aluminum prices have surged to a four-year high due to production disruptions in the Gulf region following the war in Iran, which has halted two-thirds of its aluminum output. This metal is crucial for transportation, construction, packaging, and electronics. Canada, the world's fourth-largest aluminum producer, is already operating its smelters at full capacity and cannot quickly increase supply to compensate for the millions of tonnes lost. Canadian producers are currently redirecting shipments to Europe, which is offering higher premiums, especially after the U.S. imposed a 50% import duty. Experts predict a market deficit of up to three million tonnes this year and two million next year, with a balanced market not expected until 2028, as restarting damaged smelters is a lengthy process.