West African crude oil differentials remained unchanged as buyer resistance grew in response to price increases fueled by Middle East supply concerns and multi-year high freight costs.
European wheat futures surged to their highest level in two years as escalating conflict in the Black Sea region chokes off vital grain exports from Russia and Ukraine, forcing buyers to seek alternative supplies.
U.S. energy major Chevron and Italy's Eni have signed key agreements with Venezuela to expand large oil projects, aiming to boost the OPEC nation's struggling crude output.
The oil producer alliance OPEC+ is likely to keep its output policy unchanged for October at its upcoming meeting, according to sources, as the group turns its focus to future production quotas for 2027.
U.S. crude oil inventories fell by 4.5 million barrels last week, a significantly larger draw than analysts had predicted, according to a weekly report from the Energy Information Administration.
Iraqi crude exports surged to an estimated 2.34 million barrels per day last month, aided by significant price cuts and an agreement with Iran allowing tankers through the Strait of Hormuz.
Wheat prices are expected to decline after a recent rally pushed them to a multi-year high, as traders assess persistent Black Sea supply disruptions and Russia's export policies.
Gold prices have erased nearly all year-to-date gains as hawkish Federal Reserve commentary and a spike in oil prices from Mideast tensions drive up bond yields. Despite the pressure, some analysts maintain a long-term bullish outlook, citing persistent US fiscal deficit concerns.
Crude oil prices pulled back from five-week highs on Wednesday, as traders assessed the impact of escalating military conflict between the U.S. and Iran which has stoked fears of major supply disruptions in the Middle East.
