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The latest commodities coverage from the TrustFinance editorial desk.
ICE canola futures declined on Tuesday as a forecast for cooler temperatures across Western Canada relieved concerns about heat stress on the developing crop, particularly during its critical flowering stage.
The U.S. military conducted a third night of strikes against Iran as two oil tankers were reportedly hit in the Strait of Hormuz, sending oil prices soaring over 9% amid a sharp escalation in regional conflict.
EU wheat futures gained on Tuesday amid heightened concerns over potential disruptions to Russian grain shipments following Ukrainian drone attacks in the strategically important Azov Sea.
President Donald Trump announced plans for significant new deals with Iraq centered on increasing oil extraction, stating that U.S. companies would be heavily involved in the operations. The comments came ahead of a meeting with Iraq's prime minister.
The premium for prompt Brent crude futures has surged to a one-month high, a market structure known as backwardation that signals tight supply, as traders price in rising geopolitical risk in the Strait of Hormuz.
U.S. President Donald Trump on Tuesday walked back a proposal to charge a 20% transit fee for ships in the Strait of Hormuz, stating that no one should be able to impose such a charge on the critical oil waterway.
U.S. President Donald Trump announced he is scrapping a proposed 20% fee for ships using the Strait of Hormuz, citing productive talks with regional leaders and a new focus on trade and investment deals.
Following disruptions in the Strait of Hormuz, Iran's Houthi allies in Yemen have threatened to close the Bab el-Mandeb strait, a move that could jeopardize a second vital global energy artery and potentially drive oil prices to $200 a barrel.
Russia has accused Ukraine of terrorism following a series of drone attacks on commercial shipping in the Sea of Azov, a critical maritime route that handles roughly a quarter of Russia's grain exports.
