In Depth: How the Iran War Set Off a Global Scramble for Strategic Metals

The war in the Middle East is accelerating a long-simmering global struggle over critical minerals.

The price of tungsten, a metal used in armor-piercing gear and missile counterweights, has surged, with its European benchmark hitting a record $2,250 per ton, up 557% over the past year. Fueled by wartime demand, the metal’s gains have far outpaced those of gold and silver.