Saudi Arabia Restarts Crude Loadings at Major Gulf Terminal After Nearly Four-Month Halt — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 4.2% to $72.28 a barrel.

--European benchmark gas is down 0.1% to 40.73 euros a megawatt-hour.

--Copper futures are up 0.4% at $13,357.50 a metric ton.

--Gold futures are up 1.4% at $4,103.20 a troy ounce.

TOP STORY:

Saudi Arabia Restarts Crude Loadings at Major Gulf Terminal After Nearly Four-Month Halt

Saudi Arabia resumed crude loadings at Ras Tanura's Ju'aymah offshore terminal in the Persian Gulf, shipping-tracking data showed, after a nearly four-month halt during the Iran war that forced it to bypass the Strait of Hormuz and divert exports to the Red Sea.

Two supertankers on Thursday began loading crude at the terminal operated by state-controlled Saudi Aramco, while another was waiting offshore and could also be preparing to load, according to Kpler. Very Large Crude Carriers, or VLCC, can each carry around 2 million barrels of crude.

OTHER STORIES:

Tech Volatility, Dollar Strength Reverberate Through Mining Stocks

Shares in some of the world's biggest mining companies have fallen victim to cracks in two of Wall Street's most powerful trades: artificial intelligence and dollar debasement.

After sitting at or near record highs a little over a week ago, shares in BHP Group, Rio Tinto and other top miners spent have much of the past week in the red as jitters about AI spending and a rising dollar cast shadows over what have been potent tailwinds for the sector.

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BHP Splits Americas Role in Executive Reshuffle

Incoming BHP Group Chief Executive Brandon Craig will split his recent role overseeing the company's Americas operations in two, sharpening focus on North and South America as growth engines for the world's most valuable miner.

BHP on Friday named innovation chief Jessica Farrell as North America president, effective July 1, and said Farrell will be acting president of the company's South America business until that role is filled.

MARKET TALKS:

Barclays Cuts Oil Price Estimates as Hormuz Flows Return -- Market Talk

1048 ET - With oil flows through the Strait of Hormuz back to around 80% of pre-war levels, Barclays trims its Brent price estimates to $96 a barrel from $100 for 2026 and to $85 from $88 for 2027. "The recovery in oil flow through the Strait of Hormuz has been very strong, but the backlog has been largely depleted and Iran's insistence on fees and coordination might slow further progress," Amarpreet Singh says in a note. He expects inventory withdrawals to continue for at least a few more weeks, largely due to a lag in production recovery. "It might take almost a year to fill the inventory void created by the war, and it might take longer still for inventories in OECD to fully recover, based on the historical trend," he adds.(anthony.harrup@wsj.com)

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Hogs Start Higher Following USDA Report -- Market Talk

1029 ET - Yesterday's quarterly Hogs and Pigs report from the USDA is supporting higher hog futures, with the most-active contract up 0.6%. The report showed that there's the potential for a tighter supply in the second half of this year, says Joe Davis of Futures International in a note. "Producers intend to farrow 2.2% fewer sows this summer and 0.6% fewer this fall, suggesting potential supply tightening later in the year," says Davis. But he adds that even with a "mildly bullish" report, lean hog futures may have further downside. "Charts still need stronger gains to confirm a bottom," says Davis. Live cattle futures fall 0.4%. (kirk.maltais@wsj.com)

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Grains Lower in Anticipation of More Acreage and Stocks -- Market Talk

1000 ET - CBOT grain futures are lower as traders await next week's reports from the USDA showing planted acreage and quarterly stocks. The planting report comes with the spring planting season concluded. Many traders and analysts are anticipating that the USDA will show more acres were planted than previously thought -- especially for wheat and soybeans. "Generally bearish stocks and acreage numbers are expected from the USDA Tuesday," says Matt Zeller of StoneX in a note. The quarterly stocks report is expected to show larger inventories of grains than seen at this time last year. Both reports are scheduled to be published at noon ET Tuesday. CBOT corn is down 0.1%, while soybeans drop 0.5% and wheat is down 2.3%. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Extend Gains on Coming Hot Weather -- Market Talk

0955 ET - A wave of above-normal temperatures moving across the U.S. the next two weeks is keeping a bid in natural gas as the July contract is set to expire. "While trader positioning into July final settlement will dictate today's session, next week could see record heat into the start of the 4th of July holiday weekend and strengthening physical demand to create an upward bias for Nymex futures," Eli Rubin of EBW Analytics says in a note. Production is rising, however, leaving a softer medium-term outlook, he adds. The Nymex July contract is up 0.5% at $3.360/mmBtu and gas for August delivery rises 1% to $3.328. (anthony.harrup@wsj.com)

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Oil Futures Fall With Focus on Increasing Supply -- Market Talk

0907 ET - Oil futures resume their decline and are again probing pre-war levels as the market focuses on increased flows out of the Persian Gulf. "Traffic through the Strait of Hormuz has improved but it has not been plain sailing," Kieran Tompkins of Capital Economics says in a note, pointing to yesterday's attack on a cargo ship and reports that Iran turned several tankers around. The firm expects half of the region's shut-in production to be back within a month and to reach pre-war levels in 4Q. "National oil companies are gearing up to sell more oil in July, suggesting that their outlook has become more positive," Tompkins adds. WTI is down 3.5% at $69.40 a barrel and Brent is off 3.9% at $72.34. (anthony.harrup@wsj.com)

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Palm Oil Ended Higher, Stronger Export Estimates Support -- Market Talk

1031 GMT - Palm oil prices ended higher, supported by stronger export estimates, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. However, falling crude oil prices may have a negative impact on palm oil, Ng says. He sees prices of crude palm oil supported above 4,500 ringgit a ton and resistance at 4,700 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery rose 9 ringgit to 4,566 ringgit a ton. (tracy.qu@wsj.com)

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European Energy Stocks Slip as Oil Prices Continue to Slide -- Market Talk

0757 GMT - European energy stocks move lower in morning trade as oil prices continue to drop despite a vessel in the Strait of Hormuz being attacked. Brent crude falls 2.25% to $73.81 a barrel, while WTI is down 1.6% to $68.90 a barrel. Prices continue to slide as investors bet supply from the gulf will continue to ramp up as vessel leave the waterway. Shipping concerns will remain however after an Iranian attack against a cargo ship. In London, BP falls 1.6% while Shell slides 0.9%. Spain's Repsol is 1.5% lower and Italy Eni falls 1.2%. France's TotalEnergies is 0.8% down. (adam.whittaker@wsj.com)

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Gold on Track for Weekly Loss on Rate-Hike Fears -- Market Talk

0730 GMT - Gold prices bounced back above $4,000 a troy ounce, but are still headed for a weekly loss as investors weigh the monetary policy outlook and developments in the Middle East. "Gold is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar," analysts at Saxo Bank say. "While the technical breakdown continues to weigh on sentiment, continued declines in energy prices and softer bond yields may eventually reduce pressure on the Federal Reserve to tighten policy further, potentially offering some support to the precious metal." In early trading, New York futures are flat at $4,047.30 an ounce, down nearly 5% on the week. (giulia.petroni@wsj.com)

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Oil Falls Despite Vessel Hit in Hormuz -- Market Talk

0714 GMT - Oil prices fall as the market focuses on the resumption of flows through Hormuz despite an Iranian attack against a cargo ship in the Strait of Hormuz reawakening concerns about shipping risks in the region. In early trading, Brent crude falls 2% to $74.03 a barrel, while WTI futures are down 2.1% to $70.38 a barrel. Prices climbed in the previous session after Iran attacked a Singapore-flagged cargo ship Thursday in the strait, prompting the International Maritime Organization to pause evacuation operations for the hundreds of ships still stuck in the Persian Gulf. "The latest strike on a vessel will likely slow traffic," analysts at ING say. "However, with the broader market focused on a recovery in oil flows from the region, price momentum still appears to be to the downside." (giulia.petroni@wsj.com)

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Comex Gold Futures' Overall Technical Setup Still Bearish, Chart Shows -- Market Talk

0711 GMT - Comex gold futures' overall technical setup is still bearish, RHB Retail Research's Aiman Kamil Bin Ahmad Shauqi says in a note. The futures' relative strength index on the daily chart is now trending below the 50% threshold, the analyst notes. If bearish momentum persists in coming sessions, the commodity could fall below support at $4,000 per ounce and test subsequent support at $3,700 an ounce. On the upside, the commodity's initial resistance is pegged at $4,400 per ounce, the analyst adds. Spot gold is 0.1% higher at $4,029.67 per ounce. (ronnie.harui@wsj.com)

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Merdeka Copper Gold Set to Gain From Higher Copper Prices, Rising Gold Output -- Market Talk

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June 26, 2026 11:54 ET (15:54 GMT)