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Commodity
Commodity
Energy, metals, agricultural commodities and OPEC-related news
12 posts
CommodityBrent . Crude Oil . Strait of Hormuz . US Iran . Geopolitics . Energy . Global MarketsHigh impact
The 60-day US-Iran arrangement signed in June reaches nominal expiry today with talks deadlocked and the Strait of Hormuz still shut. Brent holds near $89 after a 5% weekly gain. Israel and Hezbollah exchanged fire over the weekend. Crude-linked sectors and energy importers stay in focus.
Brent crude held above $88 a barrel after gaining more than 5% last week, with the Strait of Hormuz still closed and Washington signalling further measures on Iran. The IEA forecast the widest global supply deficit in five years. India imports roughly 85% of its crude.
Brent eased toward $88 a barrel Thursday, ending a six-session run that added about 12%. Talks on reopening the Strait of Hormuz remain deadlocked. The IEA flags a 1.8 million barrel a day shortfall this quarter, while US crude inventories rose 17.4 million barrels, the largest build since early 2023.
Spot gold rose 2.4% Friday to $4,341.69, its highest since 17 June, after US July payrolls fell 23,000 against forecasts of an 80,000 gain. The move ended a six-week range near the 4074-4112 zone. Weekly gain exceeded 7%, the largest since January.
Gold moved back above $4,050 Monday after the US said peace talks with Iran will resume, pulling oil lower. Bitcoin traded near $63,700, with recent rallies stalling near $65,500. Markets are pricing roughly 65% odds of a September Fed rate hike ahead of Aug 12 US inflation data.
WTI crude surged more than 7 percent near $85 after the US and Saudi Arabia launched strikes against Iran-backed groups in Iraq following attacks on Saudi energy facilities, while Iran targeted US forces in Jordan. Gold rose around 0.7 percent near $4,056 on safe haven demand and dollar weakness.
Gold has broken below $4,000 per ounce once in 2026, on June 24-26. Spot touched near $3,960, the first trade under that level since November 2025 and about 29% below January's record near $5,597. A firmer dollar and rate expectations accompanied the move before price steadied around $4,000.
Gold is trading near 4,030 dollars after easing from 4,070, absorbing a sharp two-session decline as oil surges and US rate expectations firm up. Price remains above the 4,000 mark with volatility contracting. Sellers pushed, the level held. The chart is quiet. Quiet is data too.
XAUUSD closed the week near 4,050 and stays shut until Monday. PAXG, backed by one fine troy ounce of vaulted gold, kept printing near 4,040 through Saturday. Same metal behind both. Two different clocks. Weekend price discovery moves on chain while the spot desk sleeps. Only the wrapper changes.
Spot gold falls 2.1% to $4,043 and silver slides 3.8% to $57.44 in a broad precious metals decline. Brent crude touches $100 a barrel for the first time since late May, ten-year US yields hit a one-year high and September Fed hike odds climb to 83% from 68%, per CME FedWatch. Dollar firms 0.3%.
Spot gold and silver trade well below their late-January records of $5,589.38 and $121.67 per ounce. Gold posted its worst quarterly decline in 13 years through June. Higher interest rates, a firm US dollar and elevated oil prices continue to shape flows across the precious metals complex.
Spot gold slips 0.9% to $4,091 after touching a two-week high of $4,165.87 on Wednesday. Rising oil prices from Gulf supply disruption lift inflation expectations, with September Fed rate hike odds near 78% on CME FedWatch, up from 68%. Silver drops 1.4%, platinum and palladium also trade lower.
