Gold prices are trading in a narrow range below the key $4,150 resistance level, with technical analysis pointing to a bearish pennant pattern that suggests a potential continuation of the recent downtrend.
European wheat futures surged to their highest level since late May amid market speculation that Russia could close the Sea of Azov to shipping, threatening grain exports from the key global supplier.
Russia has reportedly suspended shipping through the Don-Azov channel, a critical route for grain exports, following an alleged Ukrainian attack on Russian vessels in the Sea of Azov. The move could impact a significant portion of the country's wheat shipments.
China has enacted an immediate, temporary ban on helium exports, a move aimed at safeguarding its domestic supply for the critical semiconductor industry as renewed conflict in the Middle East threatens global availability.
U.S. Central Command stated its forces are prepared to ensure freedom of navigation in the vital Strait of Hormuz, following an exchange of fire with Iranian forces and Tehran's reported closure of the key oil transit route.
Former President Donald Trump stated that the vital Strait of Hormuz remains open to commercial traffic, seeking to calm market fears over the security of the key oil transit route as the U.S. and Iran continue to exchange attacks.
President Donald Trump said the vital Strait of Hormuz remains open to commercial traffic, aiming to reassure global markets as the U.S. and Iran continue to exchange military attacks in the region.
Former President Donald Trump announced the end of a ceasefire with Iran but said talks would continue, a claim Tehran disputed. The declaration follows renewed attacks in the Strait of Hormuz, pushing oil prices higher on increased geopolitical risk.
The U.S. dollar gained as investors sought safety following attacks on oil tankers in the Strait of Hormuz, a development that overshadowed central bank policy outlooks and weakened the euro and Japanese yen.
