Oil: Brent briefly above 100 then back near 97 on Hormuz tanker attacks and STS transfers rebounding after slowdown; WTI settled 84.71 after 4.8% Friday rally.

The angle · Prompt physical tightness and wide backwardation with commercial hedgers layering Q4 coverage on the pop while end-users stay hand-to-mouth.

Uranium: Spot near 86.60 flat into Cameco Q2 results July 31 showing realized price up 15% to 93.13 but sales volumes down; long-term at 97.

The angle · Utilities paying premium for term supply amid contracting discipline creates inventory draw risk for non-contracted buyers as production guidance held.

Precious and base metals: Gold defended 4000 area and silver tested high-50s while copper held near prior levels with China imports firm and inventories falling.

The angle · Hard-asset outperformance versus equities widens basis between paper and physical with strategic buying pressure on scarce metals.

Shipping: Lloyd's pulled war cover on Saudi vessels; USGC Aframax at WS 440 and diesel spreads at extremes amid Hormuz reroutes.

The angle · Elevated physical premia and arbs opening for compliant tonnage shift margin capture from flat price to logistics and insurance layers.

WTI Crude · live weekend pricing

$87.09 ▲ +2.42 +2.86%

vs Friday, July 31, 2026 NYMEX WTI Crude close $84.67

Nat Gas · live weekend pricing

$2.78 ▲ +0.03 +1.20%

vs Friday, July 31, 2026 NYMEX Nat Gas close $2.75

S&P Global · Fri, Jul 17, 2026

Commodity prices are easing amid moderating Middle East tensions, with forecasts showing a 5.3% decline from Q4 2026 to Q4 2027 while remaining 16% above Q4 2025 levels. Geopolitical risks persist as a key upside factor alongside supply disruptions and trade policies. Read →

Wood Mackenzie · Thu, Jul 16, 2026

Surging prices from the Middle East conflict delivered a cash windfall in H1 2026, but capex remains constrained as operators prioritize maintenance and optimization over major investments. Strong margins and balance sheets are pressuring portfolios, spurring exploration appetite and highlighting the Middle East's long-term role. Read →

EIA · Mon, Jul 7, 2026

Following the US-Iran MOU reopening the Strait of Hormuz, global oil production forecasts were raised, shifting the market toward oversupply in 2027 with Brent averaging $82/bbl in 2026 and $65/bbl in 2027. US natural gas demand is set to rise, supporting record power sector consumption amid lower prices. Read →

Barclays · Wed, Jul 1, 2026 · 16 pages

The 2026 Barclays Agriculture Survey shows 56% of UK farmers have adopted regenerative practices and another 24% plan to within two years, driven by climate volatility, rising input costs, and supply chain demands. Data-driven, context-specific approaches are key to building resilience and unlocking efficiency gains. Read →

UBS · Fri, Jul 17, 2026

UBS CIO recommends broadening commodity allocations to capture diversification benefits amid evolving market conditions and inflation dynamics. The note highlights opportunities across energy, metals, and agriculture sectors for portfolio resilience. Read →

Macro Voices · Thu, Jul 30, 2026

Erik Townsend and Patrick Ceresna interview Jim Bianco on monetary policy, inflation dynamics, and whether the Fed or markets will resolve current inflationary pressures amid geopolitical tensions affecting energy and commodity markets. Listen →

Macro Voices · Thu, Jul 23, 2026

Discussion with Luke Gromen on evolving geopolitical conflicts, including impacts on the Strait of Hormuz, oil chokepoints, crude markets, and broader macroeconomic implications for commodities and energy. Listen →

S&P Global / Platts Oil Markets · Wed, Jul 23, 2026

S&P Global experts analyze how renewed geopolitical tensions around the Strait of Hormuz are affecting Asian gasoline, gasoil, jet fuel, and naphtha markets, including supply security, freight costs, and trade flow adaptations. Listen →

Columbia Energy Exchange · Tue, Jul 28, 2026

Conversation with Sen. Alan Armstrong (R-OK) on surging US power demand, energy infrastructure development, policy challenges, and the role of fossil fuels and other sources in meeting needs amid geopolitical energy market shifts. Listen →

Columbia Energy Exchange · Mon, Jul 21, 2026

Discussion on critical minerals supply chains as strategic infrastructure, challenges in mining and development, financial instruments to de-risk investments, and links to energy technology and economic resilience. Listen →

S&P Global / Platts Oil Markets · Mon, Jul 28, 2026

Analysis of soaring diesel prices due to Strait of Hormuz constraints and Russia-Ukraine war impacts on refining; covers Brazil's import dependence, subsidies, India's potential role, and policy options for supply issues. Listen →

Grok · xAI

▼ Down Rising supply, inventory builds push prices lower.

Past 3 wks (dot on very right is this week) · ●●●

Gemini · Google

▲ Up OPEC+ supply discipline and persistent geopolitical tensions in key producing regions will likely push prices higher, despite demand uncertainties.

Past 3 wks (dot on very right is this week) · ●●●

Claude · Anthropic

▼ Down Demand fears from slowing China plus OPEC+ supply creep outweigh geopolitical risk premium.

Past 3 wks (dot on very right is this week) · ●●●

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