WTI crude oil futures were little changed at $95 per barrel on Friday as renewed clashes between the US and Iran raised doubts about the durability of a fragile ceasefire and tempered hopes for a quick peace agreement, though prices still posted a weekly loss of about 7%. Fighting in the Persian Gulf kept markets focused on the Strait of Hormuz, which has remained largely closed since late February, disrupting global crude flows and creating a major supply shock. Iran accused the US of violating the ceasefire, while Washington said American forces struck Iranian military targets after attacks on US warships and blocked tankers attempting to leave Iranian ports. President Donald Trump said the ceasefire remained in effect despite the exchanges. Traders continue balancing expectations for diplomacy against the risk of further escalation.

WTI Books Weekly Loss

Brent crude oil rose 1.2% to settle near $101 per barrel on Friday as renewed clashes between the US and Iran raised doubts about the durability of a fragile ceasefire and tempered hopes for a quick peace agreement, though prices still posted a weekly loss of about 6%. Fighting in the Persian Gulf kept markets focused on the Strait of Hormuz, which has remained largely closed since late February, disrupting global crude flows and creating a major supply shock. Iran accused the US of violating the ceasefire, while Washington said American forces struck Iranian military targets after attacks on US warships and blocked tankers attempting to leave Iranian ports. President Donald Trump said the ceasefire remained in effect despite the exchanges. Traders continue balancing expectations for diplomacy against the risk of further escalation.

Oil Edges Higher on Friday, Posts Weekly Loss

Cocoa futures eased to below $4,200 per tonne but stayed close to recent 3-month highs, supported by receding short covering while fundamentals stayed broadly supportive. Rising geopolitical tensions in the Middle East, including disruptions in the Strait of Hormuz, have pushed up energy and transportation costs, increasing fertilizer prices and tightening global agricultural supply chains. This is raising concerns over output in key West African producers, particularly Ivory Coast. Meanwhile, Ghana’s cocoa sector has been under strain, with difficulties in selling beans and paying farmers amid ample global supply, weaker prices, and softer demand. The government plans to raise $1 billion through domestic bond issuance to finance cocoa purchases ahead of the 2026/27 crop season, as it seeks to restructure cocoa financing after recent debt pressures. The risk of El Niño returning is also adding to production concerns for the next harvest.

Cocoa Futures Remain Near 3-Month Highs

The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, halted a five-day winning streak on Friday, falling about 1.9% to 2,978 points. The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, declined by 3.6% to 4,955 points. Meanwhile, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose by 1.7% to a more than two-year high of 2,233 points; and the supramax index edged up 0.1% to 1,522 points. The benchmark index advanced 9.1% for the week.

Baltic Dry Index Snaps 5-Day Rally

Cocoa is down by 5%

Silver prices rose above $80 per ounce on Friday, marking their highest level since mid-March and setting course for a weekly gain of over 7%, as optimism over a potential US-Iran peace deal helped ease fears that stubborn inflation could prolong high interest rates. Even after a recent exchange of fire, the most serious test of their month-long ceasefire, Iran reported the situation had normalized, and US President Donald Trump affirmed the ceasefire was still "in effect." Investors also reacted to the latest US jobs data, which showed the economy added 115,000 jobs last month, exceeding forecasts of 62,000 and signaling resilience in the labor market. Since the war began in late February, silver has fallen nearly 14%, weighed down by rising oil prices that amplified inflation concerns and complicated the interest rate outlook.

Silver Prices Hit Mid-March Highs on US-Iran Ceasefire Hopes

Gold prices climbed above $4,720 per ounce on Friday, reaching their highest level since April 22 and heading for a weekly gain of over 2%, as optimism surrounding a potential US-Iran peace agreement eased concerns that persistent inflation could keep interest rates elevated for longer. Despite a recent exchange of fire between the US and Iran, the most significant test of their month-long ceasefire, Iran stated that the situation had stabilized, while US President Donald Trump confirmed the ceasefire remained "in effect." Investors also processed the latest US jobs report, which revealed the economy added 115,000 jobs last month, surpassing expectations of 62,000 and indicating continued strength in the labor market. Since the war began in late February, gold has dropped more than 10%, pressured by rising oil prices that fueled inflation worries and clouded the outlook for interest rates.

Gold Prices Surge Amid US-Iran Ceasefire Optimism

Brent crude oil futures fell 7% to below $101 per barrel this week as President Donald Trump said the ceasefire with Iran remained in place despite fresh clashes between US and Iranian forces, reinforcing hopes that a broader agreement could still be reached. US Central Command said American forces struck military targets in Iran after Tehran fired on three destroyers in the Strait of Hormuz, though officials stressed they were not seeking escalation. Trump later said the vessels had safely exited the strait without damage. Oil markets remain focused on Hormuz, which has been effectively closed since late February, disrupting global crude flows and forcing production shutdowns across the region. Traders continue balancing hopes for diplomacy against the risk of renewed escalation. The International Energy Agency warned the conflict is removing around 14 million barrels per day from global supply, while the UAE reported intercepting missiles and drones near the strait.

Brent Set for 7% Weekly Drop

WTI crude oil futures fell 7% to below $95 per barrel this week as President Donald Trump said the ceasefire with Iran remained in place despite fresh clashes between US and Iranian forces, reinforcing hopes that a broader agreement could still be reached. US Central Command said American forces struck military targets in Iran after Tehran fired on three destroyers in the Strait of Hormuz, though officials stressed they were not seeking escalation. Trump later said the vessels had safely exited the strait without damage. Oil markets remain focused on Hormuz, which has been effectively closed since late February, disrupting global crude flows and forcing production shutdowns across the region. Traders continue balancing hopes for diplomacy against the risk of renewed escalation. The International Energy Agency warned the conflict is removing around 14 million barrels per day from global supply, while the UAE reported intercepting missiles and drones near the strait.

WTI Set for Sharp Weekly Loss

Copper futures climbed above $6.2 per pound, approaching the record highs reached at the end of January, as investors increasingly expect that investments in AI infrastructure, power grid modernization, and clean energy will drive sustained long-term demand for the metal. Also, easing energy prices helped reduce concerns over global growth and industrial metals demand. At the same time, the ongoing Middle East conflict has disrupted shipments of sulphuric acid, a critical input in copper refining. China has banned sulphuric acid exports from May through at least December. The measure is expected to remove around 3M tonnes from the global seaborne market, significantly affecting major importers such as Chile, Indonesia, and India. Copper production in Chile had already declined by around 6% in the first three months of 2026 compared with the same period in 2025, even before accounting for the impact of sulphuric acid supply disruptions.

Copper Near Record Highs

Corn futures held around $4.5 per bushel, trading near a three-week low as faster US planting progress outweighed production pressure from elevated global energy prices. Renewed clashes between the US and Iran in the Strait of Hormuz heightened concerns over prolonged energy supply disruptions, pushing global oil prices higher. Elevated input costs, including fertilizers, chemicals and diesel for irrigation, are squeezing margins and threatening yields for the nutrient-intensive crop. In response, farmers in key regions from the US to Europe are reducing corn acreage and shifting to less input-heavy crops to manage costs. However, faster-than-average US planting pace weighed on prices, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%. Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that eased earlier concerns about planting delays following Midwest storms.

Corn Futures Hold at 3-Week Low

UK natural gas futures rose to 108.5 pence per therm, recovering from a two-week low as prospects for peace in the Middle East remained uncertain amid renewed tensions. The US military launched strikes on Iranian military targets on Thursday in response to attacks on its three destroyers in the Strait of Hormuz.  Meanwhile, President Trump said the ceasefire remains in place despite the strikes, while Iranian state TV reported that the situation is “back to normal,” providing some relief. These developments come as the US seeks to de-escalate tensions, while also awaiting Iran’s response to a proposal to reopen the strait. The near-closure of the strait has disrupted around one-fifth of global LNG supply, with the route facing restrictions from both sides. Although most gas from the Persian Gulf are directed toward Asia, the disruption has tightened global supply, fueling concerns in Europe as the region needs to replenish inventories before next winter.

UK Natgas Futures Rebound from 2-Week Low

Iron ore futures rose above CNY 815 per ton, climbing toward their strongest levels since February last year and heading for a fourth consecutive weekly gain as firmer steel prices continued to support demand for the key steelmaking material. Analysts said stronger steel prices have improved profit margins for mills, encouraging greater iron ore purchasing activity. Prices were also supported by a continued decline in steel inventories, which have now fallen for seven straight weeks, signaling potential restocking demand for raw materials. On the supply side, Brazilian iron ore shipments increased to 34.57 million tons in April from 30.07 million tons a year earlier, highlighting ample global supply conditions. Meanwhile, mining operations resumed this week at two blocks of Guinea’s massive Simandou iron ore project, operated by a consortium led by Baowu Resources, after workers ended a strike.

Iron Ore Extends Rally on Stronger Steel Prices

Coal prices slipped toward $130 per ton and were on track to finish the week lower, as fuel switching by major Asian economies in response to the Middle East-driven energy supply shock proved less aggressive than initially expected. Thermal coal has served as an alternative to liquefied natural gas for power generation, particularly after the effective closure of the Strait of Hormuz disrupted roughly 20% of global LNG supply.
However, recent data showed that both Japan and South Korea imported less thermal coal in April compared with March, with volumes also remaining well below the five-year average, indicating that demand has stayed relatively subdued by historical standards. Analysts also noted that the sharpest decline in LNG imports across Asia has come from China, which has reduced overseas purchases and shifted instead toward domestic coal production as well as pipeline and locally sourced natural gas, helping ease pressure on global LNG supply available to other Asian buyers.

Coal Falls as Fuel Switching Demand Remains Limited

Copper futures held above $6.1 per pound on Friday and were on track to post a weekly gain of more than 3%, supported by easing energy prices earlier in the week, which helped reduce pressure on global growth and industrial metals demand. However, sentiment remained fragile as the US and Iran exchanged fire in the Strait of Hormuz. The Trump administration is currently awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with reports suggesting Tehran is expected to reply via Pakistan within the next two days. The ongoing conflict has also disrupted shipments of sulphuric acid, a key input in copper refining, adding to supply-side risks. At the same time, continued large-scale agreements among major technology firms have accelerated data center construction, strengthening the longer-term demand outlook for copper given its critical role in electrification and power grid infrastructure.

Copper Set for Weekly Rise

Malaysian palm oil futures traded below MYR 4,550 per tonne, extending recent losses as weakness in Dalian edible oils weighed on sentiment. The market is heading for a second straight weekly decline, down about 0.8% so far, reflecting demand concerns. April imports by top consumer India plunged 27% month-over-month to a one-year low, adding to bearish sentiment. Meanwhile, cargo surveyors estimated Malaysia’s exports during April 1–25 fell 15.7%–16.8% from March, linked to softer post-festive buying. Still, losses were partly cushioned by a weaker ringgit and firmer Chicago soyoil. Crude oil prices also climbed on renewed U.S.–Iran tensions, boosting expectations for stronger biofuel demand. Domestically, Malaysia will implement its B15 biodiesel mandate from June 1, raising the blend from the current B10 to curb fuel imports and support palm oil consumption. Market participants now await monthly data from the Malaysian Palm Oil Board due Monday for clearer supply-demand signals.

Palm Oil Set for Back-to-Back Weekly Losses

Soybean futures fell below $11.8 per bushel, easing from a seven-week high hit on May 4 as improved South American supply conditions offset stronger biofuel demand due to higher global energy prices. Brazil, the world’s largest producer and exporter of soybeans, shipped a record 16.75 million metric tons in April, up 9.7% from a year earlier and surpassing the previous high of 16.1 million tons set in April 2021. The country’s 2025/26 soybean crop is also projected to reach a record near 180 million tons, keeping prices under pressure. Elsewhere, US planting has progressed well, with seeding at 33% complete, 10 points ahead of average as drier US weather forecasts helped ease concerns that recent Midwest storms could slow or delay seeding in some areas. Meanwhile, renewed clashes between the US and Iran in the Strait of Hormuz heightened concerns over prolonged energy supply disruptions, pushing global oil prices higher and reinforcing demand for biofuel feedstocks such as soybeans.

Soybean Retreats from 7-Week High

Platinum futures traded above $2,000 an ounce, staying at their highest since April 22 as persistent tight supply conditions offset inflation risks from renewed Middle East tensions. Fresh clashes between the US and Iran in the Strait of Hormuz raised doubts about the month-long ceasefire and heightened worries over prolonged energy supply disruptions. The escalation revived inflation fears and reinforced expectations that central banks might keep interest rates higher for longer, dampening demand for the non-yielding metal. Still, investors focused on signs that the US is seeking to de-escalate tensions, while also awaiting Iran’s response to a proposal to reopen the strait. The platinum market also remains structurally tight, with output concentrated in South Africa and Russia, making production vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects continue to limit growth, while Russia faces sanctions-related constraints.

Platinum Remains Above $2000

European natural gas futures rose more than 2% to €44.7 per MWh on Friday, rebounding after three straight sessions of losses, as renewed fighting between the US and Iran raised uncertainty over the prospects for a peace deal. The US said its forces struck Iranian military facilities on Thursday in response to attacks on guided-missile destroyers transiting the Strait of Hormuz. Meanwhile, President Trump said the ceasefire remains in place despite the strikes, while Iranian state TV reported that the situation is “back to normal.” The latest clashes came as Washington seeks to de-escalate tensions while awaiting Iran’s response to a proposal to reopen the strategic waterway. The effective closure of the strait has choked off around one-fifth of global LNG supply, with the route currently facing a dual blockade from both sides. The disruption has tightened global supply, fueling concerns in Europe as the region needs to replenish inventories before next winter.

TTF Prices Jump on Renewed US-Iran Tensions

Gasoline futures for delivery at the New York Harbor rose above $3.50 per gallon, climbing back toward their four-year high, as fresh clashes in the Middle East heightened worries over prolonged energy supply disruptions. The US and Iran traded attacks in the Strait of Hormuz, with each side blaming the other for sparking the clash, raising doubts about the month-long ceasefire. Traffic through the Strait of Hormuz has remained suspended since early March, disrupting the flow of roughly 20 million barrels per day of oil and refined fuels to key importing nations. At the same time, shortages of diesel and jet fuel in Europe and Asia prompted major refiners to shift more capacity toward distillate production rather than gasoline, worsening supply concerns. As a result, US gasoline inventories fell for an 11th consecutive week, further tightening stockpiles ahead of the peak summer demand season.

Gasoline Rises Back Toward 4-Year High

Heating oil futures for delivery at the New York Harbor climbed toward $4.0 per gallon, extending their rebound from a two-week low, as renewed attacks in the Middle East reinforced concerns over deeper energy disruptions in the region. The US and Iran exchanged fire in the Strait of Hormuz, with both sides accusing the other of initiating the confrontation, putting a month-long ceasefire in doubt. Oil and refined fuel shipments through the Strait have been severely disrupted since the war began in March, putting pressure on refineries and pushing heating oil futures to a record high of $4.6 in March. In response, refineries across Europe and Asia have adjusted operations to produce more diesel and jet fuel at the expense of gasoline output. Even so, fuel shortages forced major European airlines to cancel thousands of flights, while tightening supplies in Asia prompted China to resume diesel exports.

Heating Oil Futures Rebound

Silver traded near $79 an ounce on Friday after experiencing sharp volatility in the previous session, as renewed clashes between the US and Iran weakened hopes for a near-term peace agreement and reignited inflation concerns. US Central Command said American forces intercepted Iranian attacks and launched defensive strikes while guided missile destroyers moved through the Strait of Hormuz, while stressing that the military does not seek further escalation. Meanwhile, the Trump administration is awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with reports indicating that Tehran is expected to respond through Pakistan within the next two days. Silver remains down over 15% since the conflict began, as the effective closure of the Strait of Hormuz triggered a historic surge in energy prices, fueling inflation fears and strengthening expectations that central banks may need to raise interest rates.

Silver Steadies as US-Iran Tensions Persist

Gold traded around $4,700 an ounce on Friday after experiencing sharp volatility in the previous session, as renewed clashes between the US and Iran weakened hopes for a near-term peace agreement and reignited inflation concerns. US Central Command said American forces intercepted Iranian attacks and launched defensive strikes while guided missile destroyers moved through the Strait of Hormuz, while stressing that the military does not seek further escalation. Meanwhile, the Trump administration is awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with reports indicating that Tehran is expected to respond through Pakistan within the next two days. Gold remains down more than 10% lower since the conflict began, as the effective closure of the Strait of Hormuz triggered a historic surge in energy prices, fueling inflation fears and strengthening expectations that central banks may need to raise interest rates.

Gold Holds Steady as US-Iran Tensions Persist

Brent crude futures climbed above $102 per barrel on Friday, recouping some losses from earlier in the week as fresh clashes between the US and Iran threatened to derail diplomatic efforts to ending the conflict. US Central Command said American forces intercepted Iranian attacks and carried out defensive strikes while guided missile destroyers passed through the Strait of Hormuz, emphasizing that the military does not intend to escalate tensions further. Meanwhile, the Trump administration is awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with tensions remaining elevated across both the Persian Gulf and Lebanon. According to reports, Tehran is expected to deliver its response through Pakistan within the next two days. Separately, the IEA warned that the war was disrupting roughly 14 million barrels per day of global oil supply and noted that any post-conflict production recovery would likely proceed gradually.

Brent Rises on Renewed Middle East Tensions

WTI crude futures climbed above $97 per barrel on Friday, recouping some losses from earlier in the week as fresh clashes between the US and Iran threatened to derail diplomatic efforts to ending the conflict. US Central Command said American forces intercepted Iranian attacks and carried out defensive strikes while guided missile destroyers passed through the Strait of Hormuz, emphasizing that the military does not intend to escalate tensions further. Meanwhile, the Trump administration is awaiting Iran’s response to a proposal aimed at reopening Hormuz and ending the nearly 10-week conflict, with tensions remaining elevated across both the Persian Gulf and Lebanon. According to reports, Tehran is expected to deliver its response through Pakistan within the next two days. Separately, the IEA warned that the war was disrupting roughly 14 million barrels per day of global oil supply and noted that any post-conflict production recovery would likely proceed gradually.

Oil Rises on Renewed Middle East Tensions

Copper is down by 5.61%

Brent oil futures pared losses to trade above $100 per barrel on Thursday as markets continued to wait for clarity on potential supply from the Persian Gulf. Iran was still reviewing the memorandum sent by the US to end their two-month war, which would include the gradual resumption of tanker flows from the Middle East. President Trump had signaled optimism on Iran agreeing to the concessions, which drove oil and refined product prices to plunge last session. Still, the pullback was limited as global oil supply is expected to remain muted even if restrictions in the Strait of Hormuz are lifted. Resumption of production capacity in GCC states is due to be slow do to damage and insurers are reluctant to service tankers crossing the Strait following reports of strikes in the region. The halt in exports from the key region drove the US to deplete its product stocks, with gasoline inventories dropping for 12 consecutive weeks, while those for distillate fuel fell for nine weeks.

Brent Recovers to Over $100

WTI crude oil futures erased their sharp losses to $95.5 per barrel on Thursday as markets continued to wait for clarity on potential supply from the Persian Gulf. Iran was still reviewing the memorandum sent by the US to end their two-month war, which would include the gradual resumption of tanker flows from the Middle East. President Trump had signaled optimism on Iran agreeing to the concessions, which drove oil and refined product prices to plunge last session. Still, the pullback was limited as global oil supply is expected to remain muted even if restrictions in the Strait of Hormuz are lifted. Resumption of production capacity in GCC states is due to be slow do to damage and insurers are reluctant to service tankers crossing the Strait following reports of strikes in the region. The halt in exports from the key region drove the US to deplete its product stocks, with gasoline inventories dropping for 12 consecutive weeks, while those for distillate fuel fell for nine weeks.

Crude Oil Swings Higher

Arabica coffee futures eased toward $2.7 per pound, hitting the lowest since early November 2024, pressured by expectations of increased supply in the near-term. Traders closely monitor the incoming 2026/27 harvest in top producer Brazil. Weather conditions remain favorable in Brazilian producing areas, with predominantly dry weather and high temperatures, which is favoring the progress of the harvest and reducing risks to production at this time. Even though it is still in its initial phase, the market is already anticipating a larger harvest, keeping prices under pressure. In late April, the Coffee Trading Academy forecast Brazil’s 2026/27 output to rise 12% year-over-year to 71.4 million bags. Meanwhile, the demand outlook is clouded by potential price increases tied to the ongoing US–Israeli conflict with Iran.

Arabica Coffee Futures at 2024-Lows

Wheat futures fell below $6 per bushel, the lowest in three weeks, pressured by lower oil prices and improving US weather forecasts. Crude dropped under $100 per barrel as markets reacted to signs of progress in US-Iran peace talks, easing concerns over supply disruptions tied to the Strait of Hormuz. Forecasts also called for rain across dry US Plains wheat areas, though traders warned some crop damage may already be irreversible. The US Department of Agriculture rated 31% of the US winter wheat crop in good to excellent condition, up from 30% last week but still the weakest for this period since 2023. Weekly US old crop export sales totaled 78,800 tons, below expectations, while Algeria bought roughly 390,000 to 420,000 tons of wheat in an international tender. Russia’s IKAR consultancy also cut its 2025 to 2026 wheat export forecast to 44.5 million tons from 46 million previously.

Wheat Futures Fall to 3-Week Low

The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, advanced for a fifth session on Thursday, rising about 1.3% to its highest since December 2023 at 3,034 points. The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, increased by 1.3% to a more than five-month high of 5,139 points; and the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose 2.8% to an over two-year high of 2,195 points. Among smaller vessels, the supramax index went up by 0.5% to 1,521 points.

Baltic Dry Index at Near 2-1/2-Year High

US natural gas futures climbed more than 2% to $2.79 per MMBtu after the Energy Information Administration reported a smaller than expected storage build. Utilities injected 63 billion cubic feet of gas into storage in the week ended May 1, below forecasts of 74 bcf and lower than both last year’s 104 bcf increase and the five year average of 77 bcf. Production in the Lower 48 states is also trending lower, with output expected to fall to a one week low as weak spot prices have prompted producers including EQT Corporation to scale back supply while waiting for stronger prices. Weather forecasts suggest mostly seasonal conditions through May 22, with cooling demand beginning to exceed heating demand. Meanwhile, gas flows to major US LNG export plants eased from April’s record levels due to routine spring maintenance.

US Natgas Prices Rise after EIA Data

Coffee decreased to 274.45 USd/Lbs, the lowest since November 2024. Over the past 4 weeks, Coffee lost 4.86%, and in the last 12 months, it decreased 30.58%.

Coffee Hits 17-month Low

Coffee decreased to 277.50 USd/Lbs, the lowest since February 2026. Over the past 4 weeks, Coffee lost 3.68%, and in the last 12 months, it decreased 29.73%.

Coffee Hits 9-week Low

Heating Oil decreased 5.06% to 3.5942 USD/Gal

Heating Oil is down by 5.06%

WTI crude futures fell toward $91.5 per barrel on Thursday, extending a sharp decline from the previous session as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. However, President Trump cautioned that a deal has not yet been finalized and it would be a "big assumption" that Iran would accept the proposal, while threatening to resume military strikes if it fails to comply. Meanwhile, latest data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the conflict.

Oil Extends Fall as US-Iran Deal Eyed

Brent crude futures fell toward $98.5 per barrel on Thursday, extending a sharp decline from the previous session as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. However, President Trump cautioned that a deal has not yet been finalized and it would be a "big assumption" that Iran would accept the proposal, while threatening to resume military strikes if it fails to comply. Meanwhile, latest data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the conflict.

Brent Extends Fall as US-Iran Deal Eyed

Rubber futures rose toward 220 US cents per kilogram in early May, hitting a fresh high since February 2017, driven by concerns over supply shortages from weather disruptions. Supply tightness fears rose after Thailand’s meteorological agency warned of storms from May 7–12 that may cause damage and flooding in key regions. Market participants are also tracking stronger El Niño forecasts, expected to be the most severe in a decade. While rubber trees are relatively resilient, analysts note prolonged dry conditions could still cut yields. Meanwhile, China has introduced a zero-tariff deal with 33 African nations, including Ivory Coast, but the China Rubber Industry Association said natural rubber is excluded from tax exemptions. Easing oil prices limited further gains, as rubber prices are closely tied to crude oil. Lower oil prices reduce production costs for synthetic rubber, making natural rubber less attractive.

Rubber Futures Rises to 9-Year High

Oat decreased to 315.00 USd/Bu, the lowest since March 2026. Over the past 4 weeks, Oat lost 4.88%, and in the last 12 months, it decreased 14.52%.

Oat Hits 9-week Low

Nickel futures traded around $19,150 per tonne, easing from a recent over two-year high near $19,600, as profit-taking emerged after the recent sharp rally. Traders began locking in gains as the market digested the speed of the move rather than any deterioration in underlying fundamentals. Broader industrial metals also showed mixed price action, reflecting a pause in risk appetite after a strong run across the base metals complex. The earlier rally had been driven by tightening supply narratives and Indonesia-linked policy signals, including expectations of higher export-related costs and windfall taxes that reinforced a higher cost floor for the nickel industry. Sentiment was also supported by elevated official reference prices and strong momentum in refined nickel contracts, which had pulled the broader complex higher. Meanwhile, nickel remains underpinned by a tight supply backdrop and a structurally supportive policy environment in Indonesia.

Nickel Futures Ease from Over Two-Year High

Malaysian palm oil futures slipped below MYR 4,600 per tonne, extending losses on a stronger ringgit and weakness in edible oils on Dalian and Chicago markets. Sentiment was further pressured by reports that the U.S. and Iran are working on a memorandum to establish a framework for talks aimed at ending the war. Such developments could ease crude oil prices, hurting biofuel economics and reducing demand for palm oil as a biodiesel feedstock.
Meanwhile, demand concerns deepened, with imports by top buyer India down 27% mom in April to a one-year low. Meanwhile, cargo surveyors noted April 1–25 exports fell 15.7%–16.8% from March, reflecting post-festive softness. Still, losses were capped after Malaysia confirmed its B15  mandate will take effect June 1, up from B10, to curb fuel imports. Separately, palm oil prices may climb around 12% to MYR 5,200 by mid-July, analyst Dorab Mistry says, as biodiesel demand strengthens and supply tightens on energy-driven gains in vegetable oils.

Palm Oil Trades Below MYR 4,600

Corn futures fell around $4.5 per bushel, hitting a three-week low as declining oil prices weighed on biofuel-related demand, while faster US planting progress added pressure. Reports that the US and Iran were closing in on an agreement to end the war sent oil prices plunging, which reduced the biofuel-related support that had helped lift prices in recent sessions. A faster-than-average US planting pace weighed on prices as well, with USDA crop progress report showing nationwide planting at 38% complete, ahead of the five-year average of 34%. Recent weather across the US Corn Belt has improved, with forecasts pointing to drier conditions that are easing earlier concerns about planting delays following Midwest storms. However, some regions continue to see uneven soil moisture. Export demand ?remained relatively steady, with USDA reporting net export sales of old-crop US corn in the week ended April 23 at 1,597,800 tons, in line with expectations for 1,000,000 to 1,900,000 tons.

Corn Prices Hit 3-Week Low

Soybean futures fell to $11.7 per bushel, reaching a two-week low as a sharp decline in global energy prices weighed on biofuel-driven demand. Reports that the US and Iran were closing in on an agreement to end the war sent oil prices plunging, which pressured the soy complex given soybeans’ role as a key biodiesel feedstock. Meanwhile, early planting of US soybeans has progressed well, as drier US weather forecasts helped ease concerns that recent Midwest storms could slow or delay seeding in some areas. Export demand also remained relatively steady, with USDA reporting net export sales of old-crop US soybeans at 258,100 metric tons for the week ended April 23, coming in toward the lower end of trade expectations of 200,000 to 600,000 tons. Traders now monitor US-China trade developments, with soybeans remaining a key focus in upcoming negotiations this month between Washington and Beijing.

Soybean Futures Fall to 2-Week Low

European natural gas futures steadied near €44 per MWh on Thursday, following a 6.4% decline in the previous session, as markets weighed prospects of a US-Iran deal that could lead to the gradual reopening of the Strait of Hormuz. Washington and Tehran are reportedly moving closer to an agreement on a one page of memorandum to end their conflict, with Iran expected to respond in the coming days. The latest US proposal came after President Trump briefly suspended an initiative to provide safe passage for vessels through the strait. The effective closure of the vital waterway has choked off around one-fifth of global LNG supply, with the route currently facing a dual blockade from both sides. While most gas from the Persian Gulf are directed toward Asia, the disruption has tightened global supply, raising concerns in Europe as the region needs to replenish inventories before next winter.

TTF Prices Steady, US-Iran Deal in Focus

Silver held above $77 an ounce on Thursday after gaining over 6% in the previous session, as hopes for a US-Iran agreement triggered a sharp decline in oil prices and helped ease inflation worries. Reports indicated that the US had sent a one-page memorandum of understanding through Pakistani mediators aimed at formally ending the conflict and potentially allowing the gradual reopening of the Strait of Hormuz. Tehran is expected to respond in the coming days after confirming it was reviewing a US peace proposal, while more comprehensive negotiations over Iran’s nuclear program are reportedly expected later. Oil prices tumbled, easing concerns over inflationary pressures and reducing expectations that central banks would need to maintain restrictive policies for longer. Still, Federal Reserve Bank of Chicago President Austan Goolsbee warned that inflation has not continued to cool toward the US central bank’s 2% target and has instead accelerated since the outbreak of the war.

Silver Holds Advance

Gold traded near $4,700 an ounce on Thursday after rising roughly 3% in the previous session, as hopes for a US-Iran agreement triggered a sharp decline in oil prices and helped ease inflation worries. Reports indicated that the US had sent a one-page memorandum of understanding through Pakistani mediators aimed at formally ending the conflict and potentially allowing the gradual reopening of the Strait of Hormuz. Tehran is expected to respond in the coming days after confirming it was reviewing a US peace proposal, while more comprehensive negotiations over Iran’s nuclear program are reportedly expected later. Oil prices tumbled, easing concerns over inflationary pressures and reducing expectations that central banks would need to maintain restrictive policies for longer. Still, Federal Reserve Bank of Chicago President Austan Goolsbee warned that inflation has not continued to cool toward the US central bank’s 2% target and has instead accelerated since the outbreak of the war.

Gold Holds Gains on Middle East Peace Prospects

Brent crude futures stabilized above $101 per barrel on Thursday after tumbling as much as 12% to $96.73 in the previous session, as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. The Trump administration is facing mounting pressure from foreign allies and domestic voters to end the war as soaring energy prices fuel concerns over renewed inflationary pressures and weaker global growth. Meanwhile, recent data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the Middle East conflict.

Brent Steadies as US-Iran Deal Eyed

WTI crude futures stabilized above $95 per barrel on Thursday after tumbling as much as 13.3% to $88.66 in the previous session, as investors weighed the prospects for a Middle East peace deal. Reports suggested that the US sent a one-page memorandum of understanding through Pakistani intermediaries aimed at formally ending the conflict and paving the way for the gradual reopening of the Strait of Hormuz. Tehran is expected to respond within days after confirming it was reviewing the US proposal, although broader negotiations surrounding Iran’s nuclear program are reportedly set to take place later. The Trump administration is facing mounting pressure from foreign allies and domestic voters to end the war as soaring energy prices fuel concerns over renewed inflationary pressures and weaker global growth. Meanwhile, recent data showed US oil exports climbed to a record high last week as countries increasingly turned to American supply amid shortages linked to the Middle East conflict.

Oil Steadies as US-Iran Deal Eyed

Platinum increased 5.01% to 2074.3 USD/t.oz

Platinum is up by 5.01%

Wind Energy Index increased to 27.17 USD, the highest since August 2008. Over the past 4 weeks, Wind Energy Index gained 9.87%, and in the last 12 months, it increased 69.74%.

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