President Donald Trump told reporters on Monday the U.S. would win its war with Iran quickly and that gasoline prices would fall afterward, comments made as oil prices traded higher amid the ongoing conflict.
London Gas Oil is trading near the crucial $1,400 support level, caught between a long-term uptrend and mounting short-term bearish pressure, signaling potential for a significant price breakdown.
Soybean futures on the Chicago Board of Trade fell sharply on Monday after a new US-China trade agreement failed to include tariff reductions for the key agricultural export. The omission means US soybeans will continue to face a significant 10% tariff in the world's largest import market.
Corn prices fell Monday, pressured by a sharp sell-off in the soybean market and a stronger U.S. dollar, as traders shrugged off news of potential Chinese tariff cuts on the grain.
Crude oil benchmarks eased from session highs after reports that Qatari mediators would hold talks with the US and Iran, tempering geopolitical risk that had earlier sent prices soaring.
Gold futures fell sharply, dropping over 3.5% as President Trump's rejection of an Iranian proposal sent oil prices higher, fueling inflation concerns and increasing expectations for another Federal Reserve rate hike.
Silver prices fell sharply as surging oil prices, driven by geopolitical news, stoked inflation fears, while expectations for further Federal Reserve tightening pushed Treasury yields and the U.S. dollar higher.
Qatari mediators are set to hold separate talks with US and Iranian officials in New York to discuss a proposal aimed at de-escalating the conflict, focusing on sanctions relief in exchange for reopening the Strait of Hormuz.
President Donald Trump is set to announce a plan by Minnesota-based Mesabi Metallics to build a $15 billion steel mill in Iowa. The facility would be one of the largest in the U.S., with an initial capacity of 7.5 million tons per year.
