Commodities
Oil rips higher, precious metals lose altitude
The Hormuz headlines overwhelm the rest of the commodity tape.
Oil is the story of the day. WTI crude jumps 9.3% to 78.04 and Brent surges 9.4% to 83.15. CNBC World says Brent logs its biggest daily gain since 2020 after Trump reinstates the Iran blockade, and MarketWatch says global oil prices top $83 a barrel.
The move spills into the equity market through energy names, which end up the best-performing sector at 3.0%. XOM gains 4.1%, COP adds 3.5%, and CVX rises 3.3% in the watchlist. That is the cleanest single-day read across assets: oil up, energy up, broader risk down.
Precious metals do the opposite. Gold falls 2.3% to 4,011.0 and silver drops 3.0% to 58.005. GLD declines 2.6% to 367.13, and both metals remain below their 200-day moving averages.
Elsewhere, grains are firm. Corn jumps 5.7% to 463.0, wheat rises 0.5% to 635.25, and soybeans slip 0.3% to 1,193.5. Coffee drops 3.6% to 330.5, cocoa falls 1.9% to 5,808.0, and sugar loses 0.8% to 14.76. Copper edges up 0.6% to 6.2695 while nat gas slips 1.6% to 2.893.