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The latest commodities coverage from the TrustFinance editorial desk.
China's top refiner is reportedly buying up to 320,000 barrels per day of Russian ESPO crude for the third quarter to compensate for a sharp drop in Saudi Arabian oil shipments, according to traders and ship tracking data.
Gold prices surged to their highest level in seven weeks as reports of a potential diplomatic deal to reopen the Strait of Hormuz eased oil prices, lowering inflation fears and expectations for another Federal Reserve rate hike.
Crude oil benchmarks declined as reports of progress in talks between Iran and Oman raised investor hopes for a potential U.S.-Iran agreement that could reopen the Strait of Hormuz.
Crude oil benchmarks continued their decline as a preliminary shipping agreement in the Strait of Hormuz and an unexpected rise in U.S. stockpiles weighed on market sentiment.
The United States has suspended avocado export inspections in the key Mexican state of Michoacan following a security alert, a move that could disrupt shipments to the largest market for the fruit.
Iran has privately warned its Gulf neighbors that any new U.S. military strike on its territory will trigger retaliatory attacks on critical energy infrastructure across the region, according to multiple sources familiar with the matter.
Key European natural gas benchmarks fell sharply on Wednesday as traders reacted to potential progress in U.S.-Iran negotiations, which could ease geopolitical tensions and improve energy flows from the region.
Dealmaking in the U.S. upstream oil and gas sector fell sharply to $9 billion in the second quarter, a fourfold decrease driven by volatile energy prices that complicated valuations, according to a report from Enverus.
The U.S. exported a record 1.9 million barrels per day of distillate fuels last week, according to the EIA, drawing down domestic inventories to their lowest seasonal level since 1996 amid global supply disruptions.
