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Oil Soars Then Retreats, Gold Drops as Iran War Jolts Global Commodity Markets
Oil prices rose 25% due to supply cuts by Iraq, Kuwait, and UAE amid Iran conflict, pushing aluminium and agricultural commodity prices to multi-year highs, Reuters reported.
- On Monday, oil prices surged nearly 25%, with Brent futures reaching $119.50 and WTI $119.48 per barrel, amid Iran conflict tensions.
- Market analysts warned that regional supply reductions by Iraq, Kuwait, and the UAE, along with Iran naming Mojtaba Khamenei as successor, escalate U.S.-Israeli tensions.
- Metals markets jumped as three-month aluminium on the London Metal Exchange hit $3,544 per ton, while Malaysian palm oil rose 9% and wheat and corn reached recent highs.
- Gold retreated about 2% as a stronger dollar and higher energy costs weighed on bullion demand, while oil-driven inflation fears strengthened U.S. yields and the dollar.
- Broader commodity pressure could persist as market analysts warn that smelter force majeure and shipping chokepoint fears may extend price rises.
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Coverage Details
Total News Sources25
Leaning Left4Leaning Right2Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 31%
C 54%
15%
Factuality
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