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Energy, metals, agricultural commodities and OPEC-related news
19 posts
Iran’s First Vice President said on 19 October that Tehran has no choice but to assert control over the Strait of Hormuz. Brent settled at $109.55, near a five-month high. Indian markets, shut on 20 October for Dussehra, reopen on 21 October with this yet to be priced in.
Brent crude settled at $104.28 a barrel, up 4%, and WTI at $91.49 after ten tankers were struck near the Strait of Hormuz in a single week, a record. Hurricane Isaias forced producers to shut about 500,000 bpd, roughly a quarter of US Gulf of Mexico output.
Brent settled at $100.34 on Monday, its fourth straight decline, after Trump said he was probably open to meeting Iran's President Pezeshkian at the UN General Assembly. US 10-year yields eased to 4.95% and the Nasdaq closed at a record. Nifty opened Tuesday near 23,454, with IT lagging.
Brent crude fell about 1.8% to near $102 on Monday, a fourth straight losing session, as oil and LNG flows through the Strait of Hormuz reached a six-month high. Gold eased 0.6% to around $4,355 an ounce, while bitcoin held above $81,000 as US-China trade talks lifted risk appetite.
Saudi Arabia has shut its East-West crude pipeline after drone strikes damaged pumping stations. The route had been carrying the bulk of kingdom exports while the Strait of Hormuz stays blocked. Brent has traded above the $100 mark. Yanbu storage is reported adequate for only days.
Brent has crossed $100 a barrel, its first break above that level since July, after fresh US-Iran escalation near the Strait of Hormuz. Wall Street closed lower, the US 10-year sits near 4.84%, the rupee opened past 95, and gold and bitcoin firmed while equities stayed defensive.
OPEC+ kept October output unchanged on Sunday, pausing after six straight monthly hikes, with Brent near $95 and Hormuz flows still curtailed. Friday's US payrolls at 162,000 revived September Fed hike bets. Gold slipped, Bitcoin stalled below $82,000, and India opens facing crude plus dollar pressure.
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.
