Section
The latest commodities coverage from the TrustFinance editorial desk.
As a deal to reopen the Strait of Hormuz appears imminent, macroeconomic firm Capital Economics has detailed five key factors that will influence oil and gas markets, including tanker traffic, the pace of production recovery, and critically low inventory levels.
Iran's foreign minister announced that direct talks with the U.S. are suspended until Washington complies with a June interim deal, adding that a separate pact on the Strait of Hormuz will not immediately reopen the critical waterway.
Yemen's Houthi group claimed a drone attack on Saudi Aramco's Jazan oil refinery on Sunday. Saudi Arabia's energy ministry confirmed a fire at the facility was extinguished but did not specify the cause.
Iran and Oman are reportedly close to an agreement on a new shipping route through the Strait of Hormuz, but Tehran insists that a full reopening of the critical oil chokepoint depends on the U.S. meeting additional conditions.
The U.S. will partially restart avocado export inspections in Mexico's Michoacan state after a suspension due to security threats. The move eases concerns over supply disruptions, though a full restart date has not been set.
Canada and the U.S. are reportedly negotiating a deal where Ottawa would address key U.S. trade demands on autos and dairy in exchange for Washington dropping a threat of 50% tariffs set to take effect on August 19.
The U.S. Senate has confirmed David Cummins, an executive from government contractor Serco, to head the Transportation Security Administration. The confirmation comes as the administration seeks to privatize security screening at smaller U.S. airports.
Citigroup raised its third-quarter average Brent crude forecast to $80 per barrel from $75, citing extended delays in resolving the U.S.-Iran conflict. The bank's longer-term forecasts for late 2026 and 2027 remain unchanged.
Citi has raised its Q3 2026 average Brent crude forecast to $80 per barrel from $75, citing prolonged negotiations between the U.S. and Iran. The bank's longer-term price outlook remains unchanged.
