Chicago wheat futures declined to a four-week low following reports that Russia and Ukraine have expressed willingness to negotiate a limited ceasefire focused on securing food and energy shipments from the Black Sea region.
Gold extended its losses as Brent crude topped $100 and Treasury yields surged, fueling market expectations for more aggressive Federal Reserve interest rate hikes to combat inflation.
Energy shares in Asia climbed on Thursday, tracking a sharp overnight rally in crude oil prices sparked by renewed geopolitical tensions between the United States and Iran, which reignited fears of potential Middle East supply disruptions.
Crude futures extended gains as tough rhetoric from both Washington and Tehran cast doubt on a swift resolution to their conflict, keeping supply risks from the Strait of Hormuz in focus.
European and UK wholesale natural gas futures rose on Thursday, climbing from multi-week lows as stalled diplomatic talks between the U.S. and Iran reintroduced a risk premium into global energy markets.
The United Arab Emirates and Saudi Arabia are keen to invest in India's oil refining sector, according to the country's oil minister, as the nation plans a major expansion of its processing capacity to meet growing domestic demand.
Global crude steel output declined to 144.2 million metric tons in August, a 1.2% year-over-year drop, driven by a sharper 3.7% decrease in China, the world's largest producer.
Crude oil benchmarks jumped to a one-week high on Thursday as a missile attack by Houthi forces on Saudi energy infrastructure and stalled US-Iran talks heightened geopolitical supply risks.
Negotiators are exploring a step-by-step de-escalation that would see Iran reopen the critical oil waterway in exchange for the U.S. lifting its economic blockade, according to sources close to the talks.
