Top diplomats from the United States and India have discussed a new U.S. law that could impose steep tariffs on major buyers of Russian energy, a move that directly concerns New Delhi due to its significant crude oil imports from Moscow.
Energy producers in Asia saw their shares advance after a sharp rebound in crude oil prices, fueled by escalating rhetoric between the United States and Iran that revived concerns over potential supply disruptions.
Crude oil benchmarks retreated from a recent rally after Iran signaled openness to diplomacy and a U.S. government report showed an unexpected increase in crude inventories, easing supply concerns.
Gold prices steadied after a recent selloff but remain under pressure as robust U.S. economic data and rising oil prices strengthen expectations for further Federal Reserve interest rate hikes, boosting Treasury yields and the dollar.
Crude benchmarks fell after a surprise 3-million-barrel rise in U.S. inventories countered the previous day's rally, which was fueled by conflicting diplomatic rhetoric between Washington and Tehran.
ICE canola futures gained on Wednesday, supported by Brent crude prices climbing above $100 a barrel and a weaker Canadian dollar, while concerns over Canada's harvest provided further lift.
Chicago soybean futures fell on Wednesday as market participants awaited the outcome of a high-stakes meeting between US and Chinese leaders, which could determine the fate of key import tariffs.
Wheat prices declined after reports that Russia and Ukraine have expressed interest in a limited ceasefire involving grain and energy targets, potentially easing major export disruptions.
A bipartisan group of senators is calling on the White House to release fuel from the Northeast Home Heating Oil Reserve as record diesel prices drive up household energy costs by hundreds of dollars.
