Commodities - Azzet - Business news, investments companies & executives

Sign inJoin Now

Commodities

Commodities
Gold remains rangebound as M.East tensions simmer
Gold prices traded little changed during Wednesday’s Asian session as investors weighed escalating geopolitical tensions in the Middle East against expectations that persistent inflation pressures could keep major central banks, including the United States Federal Reserve, on a hawkish path. By 3:30 pm AEST (5:30 am GMT), spot gold was broadly steady at US$4,507.23 per ounce. Market sentiment remained cautious following renewed military tensions between the U.S. and Iran. U.S. forces carried out what Washington described as self-defence strikes in southern Iran late Monday, targeting missile launch sites and vessels allegedly attempting to deploy naval mines. Iran’s Foreign Ministry condemned the strikes as a violation of the ceasefire that has been in place since early April. The Islamic Revolutionary Guard Corps (IRGC) subsequently warned that Iran retained the legitimate right to respond to any U.S. breaches of the ceasefire arrangement. Iranian Supreme Leader Mojtaba Khamenei also warned that regional countries would no longer serve as protective zones for U.S. military bases, adding to fears of broader instability across the Middle East. The ongoing confrontation between Washington and Tehran, alongside t
Commodities
Oil slips; markets await US-Iran deal progress
Oil prices pulled back during Asian deals on Wednesday, partially retracing gains from the previous session as investors monitored renewed tensions between the United States and Iran and searched for clarity around fragile ceasefire negotiations tied to reopening the Strait of Hormuz. By 2:45 pm AEST (4:45 am GMT), Brent crude futures had fallen US$1.64, or 1.7%, to US$98.16 a barrel, while United States West Texas Intermediate (WTI) crude dropped US$1.92, or 2.0%, to US$91.97 per barrel. The declines followed a rally on Tuesday, when both benchmarks lifted after the U.S. military carried out new strikes in Iran, undermining hopes that Washington and Tehran were close to reaching an agreement to end the conflict. Iran accused the U.S. of violating the ceasefire by targeting sites near the strategically important Strait of Hormuz, while Washington maintained the strikes were defensive in nature. Analysts at ANZ said renewed fighting had complicated negotiations that had previously appeared to be progressing: "The renewed hostilities came despite the U.S. touting progress toward a peace deal. Secretary of State, Mario Rubio, said any pact would likely take a few days to finalise. “However, those negotiations have f
Commodities
Gold falls as US-Iran tensions flare again
Gold prices retreated in Asian trade on Tuesday as renewed tensions between the United States and Iran boosted demand for the U.S. dollar and reignited concerns over inflation linked to rising oil prices. By 3:45 pm AEST (5:45 am GMT), spot gold was trading 1% lower at US$4,528.52 per ounce after reversing gains made during the previous session. The decline came as investors shifted back toward the U.S. dollar following reports that U.S. Central Command forces had conducted what Washington described as “self-defence” strikes in southern Iran. The operations raised fresh doubts about the durability of the fragile ceasefire between the United States and Iran, triggering renewed risk-off sentiment across global financial markets. Demand for the greenback as a safe-haven asset weighed heavily on gold, which typically loses appeal when the U.S. dollar strengthens and expectations for higher interest rates rise. U.S. President Donald Trump attempted to maintain optimism around diplomatic efforts, saying ongoing negotiations with Tehran were “going nicely”, though he also warned that further military action remained possible if talks failed. With uncertainty surrounding the ceasefire continuing to intensify, oil prices
Commodities
Oil climbs after US strikes targets in Iran
Oil prices pushed higher during Asian trade on Tuesday after the United States military carried out strikes in southern Iran, heightening concerns over ongoing disruptions to global energy supplies as negotiations to end the conflict remained unresolved. By 2:40 pm AEST (4:40 am GMT), Brent crude futures had climbed $2.07, or 2.2%, to US$98.21 a barrel. United States West Texas Intermediate crude traded at $91.85 a barrel, slightly above Monday’s last traded level but still down $4.75, or 4.9%, from Friday’s close. There was no official settlement on Monday because of the U.S. Memorial Day holiday. U.S. Central Command said it had launched strikes against targets in southern Iran, including missile launch sites and boats allegedly attempting to lay naval mines near the Strait of Hormuz. The military said the operations were conducted “to protect our troops from threats posed by Iranian forces”. Iranian media reported explosions in Bandar Abbas and surrounding coastal areas near the Strait of Hormuz on Monday, further escalating tensions in one of the world’s most important energy transit corridors. The conflict has severely disrupted shipping activity through the Gulf region. Tehran has effectively halted most no
Commodities
Gold pushes higher amid weakening DXY
Gold prices rebounded during Monday’s Asian trading session, reclaiming the US$4,550 level after posting losses of 0.8% last week as a weaker United States dollar index (DXY) supported renewed buying interest. The precious metal climbed as investors reacted to reports suggesting the United States and Iran were moving closer toward a potential peace agreement that could lead to the reopening of the Strait of Hormuz. By 3:15 pm AEST (5:15 am GMT), spot gold prices were trading 1.3% higher at $4,563.21 per ounce. Over the weekend, several U.S. media outlets reported that Washington and Tehran were nearing a deal involving a 60-day ceasefire extension alongside an in-principle agreement to reopen the Strait of Hormuz. United States President Donald Trump later cautioned that negotiations were still incomplete, saying the agreement “isn’t even fully negotiated yet”, as disputes remain over Iran’s nuclear program and control of the strategically important waterway. Despite the unresolved issues, financial markets have largely maintained optimism that an agreement could be reached in the coming days, potentially restoring normal maritime traffic through the Strait of Hormuz. The prospect of the Strait reopening has alre

Commodities
Oil tumbles 5% on rising hopes for Iran peace deal
Oil prices tumbled more than 5% during Monday’s Asian trading session, falling to two-week lows as investors grew increasingly optimistic that the United States and Iran were edging closer to a peace agreement despite ongoing disputes over key issues, including restrictions around the Strait of Hormuz. By 2:45 pm AEST (4:45 am GMT), Brent crude futures had fallen $5.68, or 5.5%, to US$97.86 per barrel, while U.S. West Texas Intermediate crude dropped $5.60, or 5.8%, to $91.01 per barrel. Both benchmark contracts touched their lowest levels since 7 May earlier in the trading session. The declines followed comments from U.S. President Donald Trump over the weekend, indicating that Washington and Tehran had “largely negotiated” an understanding on a potential peace agreement that could reopen the Strait of Hormuz. Before the conflict escalated, the Strait of Hormuz carried roughly one-fifth of global oil and liquefied natural gas shipments, making it one of the world’s most strategically important energy transit routes. Despite the progress in negotiations, major differences remain unresolved, with Trump cautioning on Sunday that negotiators should not rush into an agreement. “We've been at ‌this stage ⁠before, only
Commodities
Gold slips as traders weigh US-Iran tensions
Gold prices remained under pressure on Friday, with bullion on track for a second consecutive weekly decline as investors assessed uncertainty surrounding negotiations between the United States and Iran alongside shifting expectations for U.S. interest rates. By 3:50 pm AEST (5:50 am GMT), spot gold had fallen 0.6% to US$4,514.69 an ounce. For the week so far, the precious metal was down 0.6%. Gold traded close to the US$4,550 level during Asian trade after volatile price action in the previous session, as traders balanced geopolitical risks against a strengthening U.S. dollar and rising interest-rate expectations. The U.S. dollar regained momentum on Friday after pulling back from six-week highs against major currencies, reducing demand for non-yielding assets such as gold. Market sentiment remained cautious as negotiations between Washington and Tehran continued without a clear breakthrough. The United States and Iran maintained opposing positions on Thursday regarding Tehran’s uranium stockpile and control over the Strait of Hormuz, although U.S. Secretary of State Marco Rubio said there had been "some good signs" in discussions. Despite signs of progress, uncertainty surrounding a potential Gulf peace agreeme
Commodities
Oil rises; investors cautious amid Iran peace talks
Oil prices rose during Friday's Asian trade, although crude benchmarks remained on track for weekly losses as investors remained cautious about the prospects of a breakthrough in negotiations between the United States and Iran. By 2:50 pm AEST (4:50 am GMT), Brent crude futures had risen $1.47, or 1.4%, to US$104.05 a barrel, while U.S. West Texas Intermediate crude futures gained $0.89, or 0.9%, to US$97.24 a barrel. Despite Friday’s gains, Brent crude was down 4.7% for the week, while WTI had fallen 3.7%. Analysts at ING said markets remained cautious given previous failed attempts to secure an agreement between Washington and Tehran. “This is not the first time a deal seemed close, only for negotiations to break down. So, there’s a large segment of the market that will be more sceptical about the positive signals we are seeing,” ING analysts said in The Commodities Feed. “While Iran said that the gap between demands has narrowed, there’s still the issue of its uranium enrichment -- as well as the uranium stockpile it is sitting on.” A senior Iranian source told Reuters that differences between Tehran and Washington had narrowed, while U.S. Secretary of State Marco Rubio said there had been “some good signs” in
Commodities
Gold slips but holds above US$4,500 level
Gold prices edged lower during Asian trading on Thursday but remained above the key US$4,500 level as easing geopolitical tensions and improving investor sentiment reduced safe-haven demand. By 4 pm AEST (6 am GMT), spot gold was down 0.3% at US$4,531.73 per ounce, extending a modest recovery from seven-week lows reached earlier in the week. The precious metal found some support after the United States dollar index (DXY) retreated overnight amid renewed optimism surrounding possible peace negotiations between the U.S. and Iran. Market sentiment improved after U.S. President Donald Trump said Washington was in the “final stages” of negotiations with Tehran, fuelling hopes that tensions in the Middle East could ease. Risk appetite was also supported by strong earnings from artificial intelligence giant NVIDIA and news that a workers’ strike at Samsung Electronics had been suspended, boosting chipmaker shares across Asia and lifting broader equity markets. The improved market mood weakened demand for traditional safe-haven assets, including the U.S. dollar, while also helping keep oil prices and inflation fears relatively contained. Those developments allowed gold to maintain some recovery momentum following recent