The investment bank raised its price targets for Brent and WTI crude, anticipating that shipping disruptions and geopolitical tensions in the Middle East will extend into 2027.
Gold prices stabilized on Tuesday, as a softer U.S. dollar provided a buffer against expectations of another Federal Reserve rate hike. Investors are now focused on upcoming U.S. inflation data for further policy clues.
U.S. Soybean futures remain in a technical uptrend but are showing signs of exhaustion, with a bearish MACD divergence and declining volume pointing to potential consolidation or a pullback.
Total fuel consumption in India declined in August from a year earlier, dragged down by sharp drops in LPG and naphtha, according to government data. However, sales of key transportation fuels like gasoline and diesel posted robust year-over-year growth.
Oil prices surged on Tuesday, with Brent crude approaching $100 per barrel, after Iran threatened retaliation against oil and gas infrastructure in the Persian Gulf amid escalating tensions with the U.S.
Gasoline refining margins in Northwest Europe experienced a significant drop on Tuesday, falling by approximately $5.03 to $53.21 per barrel as rising crude oil costs squeezed profitability. The decline was accompanied by active trading in the region's barge market.
Copper prices surged to a new all-time high, approaching $15,000 per metric ton, as uncertainty over potential U.S. import tariffs drives a massive influx of the metal into American warehouses and depletes global inventories.
The CEO of Nigeria's Dangote Refinery stated that global fuel shortages will likely continue long after current geopolitical conflicts end, citing damaged infrastructure and the need to rebuild strategic reserves. The company reported a major profit turnaround amid the market disruption.
The main sea freight index posted a modest gain on Tuesday, supported by an increase in shipping rates for larger Capesize vessels amid rising iron ore prices, while Panamax rates fell.
