Topic: #commodities
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Gold drops 1.4% to $4,590 as inflation and Treasury yields rise
Gold prices fell 1.4% to $4,590 per ounce as US inflation reached 3.4% year-over-year, strengthening the dollar and pushing Treasury yields higher. The climb in yields increases the opportunity cost of holding non-yielding assets like gold.
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US crude oil falls below $80/barrel for first time since August 10
West Texas Intermediate futures dropped to roughly $79.89–$80.12 per barrel, marking a 3% daily decline and the lowest level since early August amid a lower risk premium in energy markets.
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Brent crude falls on U.S.-Iran deal optimism; energy prices stabilizing
Brent crude futures declined over 1% as markets price in a potential U.S.-Iran agreement, reducing geopolitical risk premiums tied to Middle East supply disruptions. Analyst Bessent expects energy prices to gradually normalize, though the process typically takes time.
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OPEC+ signals output increase despite Strait of Hormuz constraints
OPEC+ has signaled willingness to boost oil production amid Middle East supply disruptions, but export constraints through the Strait of Hormuz may limit actual output gains. Prediction markets show declining odds of crude reaching new all-time highs.
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Russian airstrike kills five on cargo ship at Odesa port, escalating Black Sea risk
A Russian airstrike struck a Togolese-flagged cargo ship unloading fertilizers at Odesa port on July 13, killing five people including three foreign crew members and injuring ten. The attack intensifies threats to global wheat and fertilizer supply chains already disrupted by recurring strikes on Ukrainian port infrastructure.
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Canadian dollar hits four-week high as oil prices surge past $75
The Canadian dollar remained near a four-week high against the U.S. dollar, supported by rising oil prices between $75.56 and $79.90 per barrel. As a major oil exporter, Canada benefits from elevated crude levels, though inflation pressures persist amid projections for stabilization by 2027.
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OPEC Raises 2027 Oil Demand Forecast to 1.94M Barrels Per Day
OPEC revised its 2027 global oil demand growth forecast to 1.94 million barrels per day, up from 1.73M bpd, while lowering its 2026 estimate to 780,000 bpd amid short-term economic uncertainties and anticipated rebound driven by China and India growth.
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Gold falls as US-Iran tensions drive oil prices higher, Fed rate hike looms
Gold slipped to $4,118.71 per ounce amid surging oil prices triggered by US-Iran strikes, while inflationary pressures reinforce expectations of a Federal Reserve rate hike by October under Chair Kevin Warsh.
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US-Iran agreement stabilizes gold and crypto markets
A tentative US-Iran agreement struck May 28 requires Iran to clear mines from the Strait of Hormuz within 30 days. Gold has stabilized near $4,700 per ounce and Bitcoin sentiment has steadied, though traders remain cautious about durability.