Commodities
Oil spikes, metals rally, grains firm
Crude leads the day, while gold, silver, copper, and corn all post gains.
WTI crude jumps 5.3% to $82.3 and Brent rises 5.2% to $87.85. CNBC Markets says U.S. oil rises back above $82 as doubt grows Washington and Tehran will reach a Hormuz deal, and FXStreet also frames the move around uncertainty on reopening the Strait of Hormuz.
Metals are mostly higher. Gold gains 2.5% to $4,448.6001, silver rises 4.0% to $65.88, copper adds 1.0% to $6.6355, and platinum inches up 0.8% to $1,764.1. GLD climbs 1.0% and silver futures post the strongest precious-metals move of the day in the set.
Agriculture is upbeat too. Corn jumps 5.2% to 462.0, soybeans rise 2.1% to 1,180.25, and cocoa adds 4.1% to 6,018.0. Wheat is basically flat. On the energy-products side, gasoline falls 3.9% to 2.868, even as crude rallies hard.
Nat gas also moves higher, up 4.4% to 2.778, but it still sits below its 200-day average. The commodity tape is telling a simple story: the market is paying up for energy and safety while also catching a bid in parts of the industrial and agricultural complex.