Gold prices dipped slightly as investors balanced caution ahead of a key Federal Reserve policy meeting with signs of diplomatic de-escalation in the U.S.-Iran conflict, which tempered safe-haven demand.
Crude oil futures fell for a second straight session as diplomatic talks involving Iran, Saudi Arabia, and other regional powers eased market concerns over a wider conflict that could disrupt Middle East supply.
A new report indicates that American consumers are paying significantly more than the global average for increased fuel costs stemming from supply disruptions related to the conflict with Iran. The study cites the country's reliance on less efficient vehicles and longer travel distances as key factors.
According to data from AAA, the average price for a gallon of regular gasoline during President Donald Trump's second term has now slightly exceeded the average from the preceding Biden administration. The milestone comes as high fuel costs remain a key issue for voters ahead of the November midterm elections.
U.S. strategic crude oil inventories fell to 282.6 million barrels last week, a 44-year low, following an emergency release to a Phillips 66 refinery in Louisiana, according to Department of Energy data.
European wheat prices fell to their lowest level in two months following reports that Russia is in talks with Turkey to ensure safe grain transport in the Black Sea, easing supply concerns.
Benchmark European wheat futures dropped to their lowest point in two months following reports that Russia is in discussions with Turkey to ensure safe grain passage through the Black Sea.
The main sea freight index declined on Monday, pressured by falling rates for larger capesize and panamax ships amid uncertainty over Chinese demand for raw materials.
Export prices for Russian wheat fell last week as global grain markets reacted to reports of potential peace negotiations, though analysts caution the optimism may be premature given ongoing shipping disruptions.
