Commodities
Oil surges, gasoline drops, and grains keep ripping
Crude extends its rally on Middle East tension while agricultural contracts stay hot and gasoline cools off.
Crude is the clearest story in commodities. WTI rises 3.1% to 94.28 and Brent climbs 3.2% to 99.39, extending already sharp weekly and monthly gains. CNBC says U.S. military action in the region and Reuters’ inflation and Middle East coverage line up with the move in oil.
Gasoline moves the other way, dropping 3.7% to 3.0948 after a sharp run. Nat gas also slips 2.6% to 2.899, while gold falls 0.8% to 4395.6001 and silver ekes out a 0.3% gain to 66.22.
Industrial metals hold up better. Copper rises 2.7% to 6.776, and the CNBC and OilPrice headlines about supply squeezes and energy disruptions fit the broader risk bid in hard assets. Platinum is basically flat at 1822.3.
Agriculture keeps its momentum. Corn jumps 4.1% to 532.75, wheat gains 4.4% to 747.25, and soybeans add 1.8% to 1316.75. Coffee is the biggest laggard in the group, plunging 10.6% to 289.95, while sugar inches higher and cocoa falls 2.6% to 5927.0.