Commodities
Oil jumps past $100, metals rally, and gas sinks
Energy is the day’s big story, but the commodity board is otherwise split.
Crude is the clear leader. WTI jumps 4.28% to 97.01, and Brent rises 4.22% to 102.05. The headlines tie the move to escalating Middle East conflict, with Reuters saying Brent settles at over $100 a barrel as fighting intensifies in the Persian Gulf and CNBC reporting Brent crude oil tops $101 to close at its highest level since May.
Other energy contracts are not moving with crude. Nat gas falls 3.81% to 2.805, and gasoline drops 5.85% to 3.0621. The gap between crude and refined products is notable in a day when oil makes the biggest directional move.
Metals and some crops are stronger. Gold rises 1.17% to 4,445.2998, silver gains 2.43% to 67.905, copper adds 1.76% to 6.8575, and platinum climbs 3.41% to 1,911.3. Corn increases 3.38%, soybeans rise 0.48%, sugar jumps 6.91%, while coffee drops 8.57% and cocoa edges up 0.87%.