Bank of America has significantly increased its Brent crude forecast for the second half of 2026 to $95 per barrel, citing severe supply disruptions in the Strait of Hormuz and broader regional conflicts.
A senior Iranian official indicated Tehran could reopen the vital Strait of Hormuz if the U.S. lifts its blockade, viewing the upcoming UN General Assembly as a key moment for potential talks.
Wheat prices fell in overnight trading as investors took profits, while markets monitored diplomatic efforts in the Black Sea and potential weather-related harvest delays in Ukraine.
The key pipeline, shut down by drone attacks on Sept. 13, has resumed operations at a low rate, with crude loadings from the Red Sea port of Yanbu potentially restarting soon, according to sources.
A senior Iranian official stated that Tehran could reopen the vital Strait of Hormuz within a week if the U.S. eases military pressure and lifts its blockade on Iranian ports, according to a Reuters report.
Russia's Kremlin has confirmed ongoing diplomatic discussions with Turkey about a new proposal for safe grain passage in the Black Sea, a key development for volatile global commodity markets.
Technology stocks surged, led by an over 11% jump in Meta Platforms, following the launch of its new AI assistant. Concurrently, oil prices retreated on signs of easing geopolitical tensions in the Middle East.
European and UK natural gas futures recovered modestly on Tuesday after a steep sell-off, as markets tempered initial optimism over potential US-Iran talks at the UN General Assembly.
South Korea and the United States are finalizing a $350 billion investment package, with initial projects identified including a major gas-fired power plant in Texas and the construction of up to eight new nuclear reactors.
