Commodities
Oil pulls back after a sharp run, grains keep rallying
Crude cools, but agriculture and metals stay bid.
Oil gives back some of its recent surge. WTI crude falls 1.9% to 90.47, and Brent drops 2.3% to 98.38. Even after the decline, both are still up sharply over the week and month, with Brent up 11.7% on the week and 33.4% on the month.
The headlines still point to a tense energy backdrop. CNBC says oil shipments are under attack across the Red Sea, Hormuz and the Black Sea, and another CNBC report says oil falls on hopes for new U.S.-Iran talks. That mix helps explain why crude can sell off on one headline without changing the bigger risk premium.
Outside energy, grains remain hot. Corn rises 5.0%, soybeans gain 1.2%, and wheat falls 2.5% after a strong run. Corn and soybeans both stay above their 50-day and 200-day moving averages.
Metals are calmer but still firm. Gold adds 0.2% to 4055.7, silver gains 1.2% to 58.49, and copper rises 0.6% to 6.3395. Gold remains well below its 50-day and 200-day averages, while copper stays above both.