European wheat futures surged to their highest level since late May, driven by market speculation that Russia could close the Sea of Azov to shipping following Ukrainian attacks on tankers in the region.
President Donald Trump announced the end of a ceasefire with Iran while agreeing to continue diplomatic talks, according to a social media post. The declaration follows renewed hostilities in the Strait of Hormuz that have pushed crude oil prices to their largest weekly gain in two months.
The U.S. Treasury has sanctioned a key financier for Iran's Supreme Leader and 13 other entities in response to recent attacks on oil tankers, escalating financial pressure amid rising geopolitical tensions.
Senior U.S. officials are demanding a public statement from Iran guaranteeing it will stop all attacks on shipping in the Strait of Hormuz, a critical chokepoint for global oil supplies, amid escalating military tensions.
Ukrainian President Volodymyr Zelenskiy announced a new military command focused on long-range attacks, formalizing a strategy that has already disrupted Russian energy production and key shipping routes.
President Donald Trump declared an end to a month-old ceasefire with Iran but said talks would continue, following a week of renewed military hostilities in the Strait of Hormuz that drove crude oil to its largest weekly gain in two months.
Crude oil benchmarks Brent and WTI surged after the U.S. and Iran exchanged military strikes, raising fears of a major supply disruption through the critical Strait of Hormuz.
Global oil benchmarks jumped more than 3% as military strikes by the United States and Iran in the Middle East raised fears of significant supply disruptions through the critical Strait of Hormuz.
Government bond yields rose sharply, particularly in the Eurozone, as a jump in oil prices linked to U.S.-Iran tensions stoked inflation fears ahead of key Federal Reserve meeting minutes.
