European natural gas prices retreated from five-month highs on Friday amid diplomatic talks in the Middle East, but are set for a third straight weekly increase due to critically low storage levels.
Investors are closely watching the Federal Reserve's Jackson Hole symposium after a key inflation report came in slightly hot, while resilient energy markets and a booming tech sector contend with ongoing geopolitical and trade risks.
Major commodity trader Radiant World is facing investigations in Singapore and the U.S. after several global trading houses and banks halted business with the firm over allegations it provided invalid documents.
A dispute over Geographical Indications for cheeses like parmesan and feta is complicating trade negotiations between the U.S. and Mexico. The U.S. is challenging provisions in a new Mexico-EU trade deal that it says threaten its $1 billion cheese export market.
Russian forces launched a second consecutive day of drone attacks on Ukraine's capital, targeting key commercial and logistics infrastructure in an apparent effort to disrupt the nation's economy and daily life.
A Reuters analysis finds that over 43% of the world's oil, or about 45 million barrels per day, now originates from conflict-affected nations, highlighting unprecedented stress on global energy markets six months into the Iran conflict.
Gold prices eased on Friday, poised for their first weekly loss in four weeks, as market participants awaited key remarks on monetary policy from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Crude oil benchmarks are on track to snap a two-week winning streak, with prices falling for the week despite reports of stalled U.S.-Iran diplomacy and escalating tensions in Europe.
Crude oil benchmarks edged lower amid reports that the U.S. is close to securing access to Venezuelan reserves, a development that could eventually increase global supply. The potential deal, along with geopolitical maneuvering in the Strait of Hormuz, is keeping prices on track for a significant weekly loss.
