Corn prices rose on Monday as dry weather in key U.S. growing regions raised concerns about crop yields during a critical development phase. A new export sale to Colombia and a slower-than-expected harvest in Brazil also provided market support.
Yemen's Iran-aligned Houthi group has announced an immediate naval blockade against Saudi Arabia, a significant escalation that threatens key maritime oil routes and could add a risk premium to global energy prices.
Oil prices surged Monday, with Brent crude briefly exceeding $90 a barrel for the first time since early June, as escalating military exchanges between the U.S. and Iran rattled energy markets. The geopolitical flare-up adds to investor concerns over a cooling tech sector and persistent expectations of a Federal Reserve rate hike.
Despite a five-month conflict involving the U.S. and Iran, crude oil prices have remained well below feared highs, tempered by record U.S. production, a slump in Chinese demand, and shifting trade flows.
A Russian missile strike on a civilian vessel carrying corn near Ukraine's Odesa port killed 10 people, Ukrainian officials said, marking a deadly escalation in Black Sea attacks that threatens global grain shipments.
The national average for gasoline has surpassed $4.00 per gallon, according to AAA data, as a surge in crude oil prices follows renewed conflict between the U.S. and Iran.
European wholesale natural gas prices surged nearly 3.5% to their highest level since March after reports of a tanker fire in the Strait of Hormuz stoked fears of potential LNG supply disruptions.
Russia launched one of its largest ballistic missile attacks of the war on Kyiv, causing multiple casualties and widespread damage. The assault underscores Ukraine's critical shortage of air defense systems and intensifies pressure on its allies for further military support.
Gold prices fell as escalating U.S.-Iran hostilities drove oil prices above $90 a barrel, renewing concerns that persistent inflation could force the Federal Reserve to maintain a restrictive monetary policy.
