Commodities
Energy, metals, agricultural commodities, and other raw material markets. Oil, natural gas, gold, copper, and broader commodity dynamics.
Oil slides toward $60 target as Hormuz traffic normalises and supply builds
A session dominated by oil supply normalisation and divergent European PMI data, with Japanese wages and ECB commentary adding secondary colour.
India's Russian crude imports hit 2.6 mb/d in June, 54% of total intake
Indian crude imports reached a record 5 million barrels per day in June 2026, with Russian crude accounting for 2.6 million barrels per day — 54% of total intake — more than double the volume recorded in February 2026.
Gold hits lowest since November; gold-oil correlation breaks down
Gold fell to $3,983.07 per troy ounce on Wednesday, its lowest since November, posting a 14% quarterly decline — worst since 2013. WTI crude also declined as US-Iran talks progressed, ending a five-month tandem rally in both commodities.
Oil declines as Iran snubs Qatar talks; dollar strengthens before Warsh speech
A moderately active European session dominated by oil pressure, dollar strength, softer eurozone inflation, and UK defence spending confirmation.
Pakistan state LNG buyer issues emergency tender amid Strait of Hormuz disruption
Pakistan's state-owned LNG importer issued an emergency tender for cargo delivery between 30 June and 4 July 2026, with Bloomberg Markets reporting that attacks in the Strait of Hormuz were actively disrupting LNG supply flows to the country.
Gold rebounded to $4,080 after softer US inflation data shifted rate expectations
Gold spot prices fell to a low near $3,984 mid-week before rebounding 1.35% to approximately $4,080.67 by 26 June 2026, leaving the metal down $141.75 on the week; exchange-traded products GLD and IAU, which track spot gold, were also affected.
Qatar force majeure expected to lapse mid-July; eight tankers queue at Ras Laffan
Asian LNG buyers anticipated Qatar's force majeure declaration would lapse in mid-July 2026 as Persian Gulf tensions eased; eight empty LNG tankers had congregated at Qatar's Ras Laffan terminal as of 26 June 2026, with additional vessels approaching.
Iraq issued OPEC ultimatum demanding higher production quotas on 25 June
Iraq formally demanded significantly higher production allowances from OPEC on 25 June 2026, threatening withdrawal if rejected. CNBC TOP subsequently reported Iraq had decided to remain within OPEC and pursue quota negotiations rather than execute an immediate exit.
Oil retreats to pre-conflict levels as Hormuz tanker traffic resumes
An active overnight session dominated by easing Persian Gulf supply fears, the Venezuela earthquake emergency, and a blockbuster SK Hynix Nasdaq listing announcement.
China crude imports hit 2018 low; Shandong refinery rates at 2017 low
China's crude oil imports fell to their lowest level since 2018 as of 24 June 2026, while independent refinery operating rates in Shandong province dropped to 50.5%, the lowest since August 2017. US-Iran talks in Switzerland concluded with both parties committing to a final agreement within 60 days.
Crude falls further as Goldman cuts Q4 forecast to $80 and Iran talks resume next week
A busy European session dominated by oil price weakness on US-Iran de-escalation, a sharp drop in Rheinmetall shares, and stabilising equity futures ahead of Micron earnings.
Rystad flags structural drop in China crude imports amid EV shift
Rystad Energy characterised a reduction in China's crude oil import demand as structural rather than cyclical, citing accelerating EV adoption; Bloomberg Markets reported Iran-related conflict had compounded pressure on Chinese import volumes.
Iran sanctions waiver granted; Brent slides to $77.51 as peace talks progress
A moderately active overnight session dominated by US-Iran diplomacy, oil price declines, and deteriorating Hong Kong equity sentiment.
Goldman Sachs cuts 2026 year-end gold forecast by $500 to $4,900/oz
Goldman Sachs lowered its year-end gold price forecast by $500 per ounce to $4,900/oz on 19 June 2026, citing expectations of no Federal Reserve rate cuts in 2026; gold futures and the SPDR Gold Shares ETF (GLD) were named in coverage of the revision.
WTI falls 8.73% as US-Iran deal removes geopolitical risk premium
A session dominated by crude oil's sharp decline following the US-Iran interim deal, with Hormuz shipping resuming cautiously and European FX consolidating on the US Juneteenth holiday.
US blockades Iranian vessels, imposes 20% Hormuz fee; Brent rises 8%
Brent crude climbed above $82 per barrel and WTI rose past $77 per barrel, each gaining more than 8% on the session, after President Trump reinstated a blockade on Iranian vessels and announced a 20% transit fee on cargo passing through the Strait of Hormuz on 14 July 2026. Gold fell $95 following the announcement.
US-Iran MOU signed; WTI crude fell 8.73%, Brent dropped below $77
August WTI crude futures settled at $75.22, down $7.22 or 8.73%, and Brent crude fell below $77 per barrel following a reported US-Iran memorandum of understanding and Strait of Hormuz reopening; US-listed oil, gas, and shipping names featured in coverage.
Brent crude falls below $79 as US-Iran deal nears formal signing
European session dominated by the imminent US-Iran agreement, driving sharp oil declines, a 25bp ECB rate hike, and BMW profit warning; US futures higher ahead of inaugural Warsh FOMC decision.
US-Iran peace deal signed; Brent falls as Iranian oil supply returns
A session dominated by the formalisation of a US-Iran peace agreement, driving oil lower, lifting Japanese trade data, and prompting repositioning across shipping and currency markets.
Brent crude drops below $80 as US lifts Hormuz naval blockade
A session dominated by geopolitical de-escalation: the US lifted its Hormuz naval blockade, sending oil to three-month lows, while the Bank of Japan raised rates to their highest since 1995.
SpaceX lists after $75bn IPO; oil falls 4% on US-Iran deal reports
A session dominated by two major themes: SpaceX's record IPO debut and sharp oil price declines on US-Iran Strait of Hormuz deal reports, with conflicting signals from Tehran introducing residual uncertainty.
Brent crude surges to $94 before ceasefire announcement tempers Middle East risk premium
A volatile European session dominated by Iran-Israel military exchanges and partial ceasefire signals, with oil surging then partly retracing alongside a recovery in equity futures.
Drone strike on Oman oil terminal pushes Brent to $95.37 as regional tensions escalate
An active overnight session dominated by a drone strike on Oman's main crude terminal and continued fallout from Broadcom's AI guidance disappointment, lifting oil prices and pressuring Asian equities.
US-Iran deal uncertainty keeps oil elevated; Trump proposes 25% Brazil tariff
A moderately active overnight session dominated by Hormuz supply concerns, a new US-Brazil tariff proposal, and commodity moves in aluminum and LNG.