The Organization of the Petroleum Exporting Countries has lowered its forecast for 2026 global oil demand growth to 380,000 barrels per day, its fifth downward revision in a row. The producer group's outlook remains more optimistic than that of other agencies, such as the IEA.
Reports that the White House has paused plans for a tariff on copper imports have triggered a sharp drop in US delivery premiums and a retreat in global copper prices. The reversal unwinds a long-standing arbitrage trade built on tariff speculation.
A Reuters survey found that OPEC's crude oil output dropped to 19.71 million barrels per day in August, a decline of 640,000 bpd, primarily due to disruptions in Saudi Arabia and Iran.
Crude oil and U.S. bond yields surged to multi-year highs after President Trump indicated the conflict with Iran would continue until after the November elections, fueling concerns over prolonged inflation and geopolitical instability.
European wholesale natural gas prices held near multi-year highs as escalating military conflict in the Persian Gulf threatens critical LNG supply routes. The price pressure comes as the European Central Bank is widely expected to raise interest rates to combat energy-driven inflation.
Former President Trump linked an end to the Iran conflict to the U.S. midterm elections while threatening a key nuclear site, as escalating attacks on oil tankers keep Brent crude above $100 a barrel.
Chinese state-backed entities have purchased approximately 1 million metric tons of U.S. soybeans this week, a significant agricultural deal seen as a goodwill gesture ahead of President Xi Jinping's visit to Washington.
President Donald Trump warned Iran against 'getting cute,' citing unspecified activity at its fortified Pickaxe Mountain facility and threatening a severe military response amid an ongoing conflict that has pushed oil prices higher.
Global temperatures in August tied a record high, temporarily pushing the planet past the 1.5°C warming level targeted by the Paris Agreement, according to the EU's Copernicus Climate Change Service.
