Hormuz Reopening Shifts Focus to Gulf Oil Storage and Shipping — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.7% to $80.42 a barrel.

--European benchmark gas is up 0.2% to 42.18 euros a megawatt-hour.

--Copper futures are down 0.7% at $13,595.50 a metric ton.

--Gold futures are down 1.8% at $4,168.39 a troy ounce.

TOP STORY:

Hormuz Reopening Shifts Focus to Gulf Oil Storage and Shipping

DOHA, Qatar--With the Strait of Hormuz gradually reopening, Gulf oil producers face a new test: how fast they can clear shipping bottlenecks and turn stockpiled crude into exports.

Iran effectively shut the Strait of Hormuz after the war with the U.S. and Israel broke out on Feb. 28, choking an artery that normally carries about a fifth of globally traded oil. Reopening of the waterway has begun under a U.S.-Iran agreement signed earlier this week, shifting the market's focus to how quickly the export system can recover.

OTHER STORIES:

U.S. and Venezuela Join Forces to Target Armed Gangs in Key Mining Region

Venezuela has launched a U.S.-backed military campaign to target criminal groups in a lawless gold-mining region as it seeks to open the area to American investment.

U.S. officials said they are providing military and technological support as well as intelligence to Venezuela, once a bitter enemy, as the American-backed interim government in Caracas tries to rein in criminal groups that have long dominated a mining belt in the remote jungles of the country's south.

--

Dollar Rises to One-Year High on Increased Prospects of Higher U.S. Interest Rates

The dollar rose to a one-year high against a basket of currencies on Friday, boosted by expectations the Federal Reserve could raise interest rates in coming months.

The Federal Reserve held its benchmark rate in a range of 3.5% to 3.75% on Wednesday but officials' quarterly projections showed nine of 19 officials penciled in at least one rate rise by year-end, up from none in March.

--

Alamos Gold Shares Sink After Cut to Production Forecast

Alamos Gold shares tumbled Friday after the miner cut its production outlook, warning that a series of operational setbacks will push both quarterly and full-year output below prior expectations.

Shares fell around 18% to 41.92 Canadian dollars ($29.65) in morning trading.

--

Chinese Autonomous-Driving Unicorn Targets $1 Billion Hong Kong IPO -- Update

Chinese autonomous-driving company Momenta's valuation has reached around $9 billion as it gears up to list in Hong Kong, people familiar with the matter said.

General Motors-backed Momenta is set to raise about $1 billion via the initial public offering, the people said.

MARKET TALKS:

Dollar Eases From Earlier Rally in Thinned Trade -- Market Talk

0924 GMT - The dollar eases after reaching a one-year high against a basket of currencies earlier in thinned trade due to Juneteenth public holiday. The dollar remains elevated, however, supported by expectations the Federal Reserve could raise interest rates this year. The dollar is also supported by safe-haven flows after talks between the U.S. and Iran scheduled for Friday in Switzerland were delayed, MUFG Bank's Derek Halpenny says in a note. However, the hit to risk appetite looks modest and is unlikely to derail the process, he says. The DXY dollar index falls 0.1% to 100.775 after earlier reaching as high as 101.127. (renae.dyer@wsj.com)

--

Copper Falls on Expectations for Higher U.S. Policy Rate -- Market Talk

0858 GMT - Copper prices slip, leading falls in base metals as a hawkish turn from U.S. Federal Reserve policymakers damps sentiment. Higher rates raise costs for copper importers, weighing on prices, ANZ Research analysts write. In early European trade, London copper slips 1.15% to $13,655 a metric ton. However, losses are limited by strong demand, the analysts say. The build out in data-center infrastructure critical for the development of artificial-intelligence is boosting consumption, they note. (josephmichael.stonor@wsj.com)

--

Gold Extends Losses on Fed's Hawkish Turn -- Market Talk

0757 GMT - Gold extends losses as investors continue to respond to U.S. Federal Reserve officials' more hawkish tone. A higher interest rate environment typically weighs on non-yielding assets like bullion. In early trading, New York futures are down 1.8% to $4,170.30 a troy ounce. "Gold is likely to remain under pressure in the near term as geopolitical risk premiums continue to fade and higher for longer interest rate expectations strengthen," MUFG's Soojin Kim writes. However, continued uncertainty around the pace of normalization for shipping through the Strait of Hormuz will limit downside risk for gold, the analyst says. (josephmichael.stonor@wsj.com)

--

Oil Rises After Vance Postpones Travel to Switzerland For Iran Talks -- Market Talk

0753 GMT - Brent crude oil rises back above $80 a barrel after Vice President JD Vance called off plans to travel to Switzerland for peace talks with Iran. Brent crude rises 0.5% to $80.23 a barrel, while WTI is up 1.25% to $77.56 a barrel. Vance had been set to oversee a ceremonial deal signing with Tehran. "Market euphoria that a deal had been reached has shifted to some skepticism, as the deal is only interim and is not a peace treaty," XTB's Kathleen Brooks writes. Oil trade is likely to be choppy Friday, as the increased flow of oil through the Strait of Hormuz jostles with concerns around the terms of peace, Brooks adds. Both benchmarks remain on track for sharp weekly declines.(josephmichael.stonor@wsj.com)

--

Bitcoin Falls as Dollar Rises on Rate Rise Bets -- Market Talk

0724 GMT - Bitcoin falls as the dollar rises on expectations the Federal Reserve will raise interest rates this year. The Fed on Wednesday left rates unchanged as expected but its projections pointed to the prospect of a rate rise by year-end. New Fed Chair Kevin Warsh also said policymakers were committed to bringing inflation down. The possibility of higher rates offsets the positive impact of the U.S.-Iran peace deal for cryptocurrencies as risky assets. Bitcoin drops 0.5% to $62,732, according to LSEG.(renae.dyer@wsj.com)

--

Outlook For BHP's Jansen, Once Operating, Still Looks Good -- Market Talk

0238 GMT - While the cost to build BHP's Jansen project continues to climb, the outlook for the potash mine once it is operating remains attractive, according to Citi. BHP continues to forecast unit costs of US$114-US$130/metric ton once the first two stages of the project are ramped up. That will make "the mine one of the world's lowest-cost potash operations," Citi says. BHP expects an underlying Ebitda margin for Jansen Stage 2 above 65% and an internal rate of return of 11%. Citi has a neutral rating and target price of 66.00 Australian dollars on BHP. Shares are down 3.7% at A$62.63. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

--

Palm Oil Prices Likely to Stay in MYR4,400-MYR4,650 Range in July -- Market Talk

0214 GMT - Crude palm oil prices are projected to remain between 4,400 ringgit a ton and 4,650 ringgit a ton in July, supported by tightening supply prospects in Indonesia and growing concerns over El Nino, Malaysian Palm Oil Council says in a note. While plantations in Malaysia and Indonesia have not yet been affected, the risk of a stronger El Nino developing from July or August is rising, it says. A prolonged dry season could weigh on palm oil production with a lag of 9-12 months, it reckons. However, prices may be limited amid ample vegetable oil stockpiles in major importing countries and weaker biodiesel demand economics, with gasoil prices falling below palm oil prices in the futures market, it adds. (yingxian.wong@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

June 19, 2026 12:06 ET (16:06 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.