Gas Prices Top $4 a Gallon Again — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.1% to $88.08 a barrel.

--European benchmark gas is down 0.1% at 58.67 euros a megawatt-hour.

--Copper futures are up 0.8% at $13,632 a metric ton.

--Gold futures are down 0.05% at $4,017.10 a troy ounce.

TOP STORY:

Gas Prices Top $4 a Gallon Again

The average price for a gallon of gasoline in the U.S. today, up from an average of $3.8720 a week ago, according to AAA.

The uptick follows a recent surge in oil prices, driven by escalating military conflict between the U.S. and Iran. Brent crude futures, the international benchmark, briefly topped $90 a barrel this morning.

OTHER STORIES:

BP to Sell Austrian Mobility Business to Volenergy for Undisclosed Sum

British energy company BP said it has agreed to sell its Austrian petrol station and electric vehicle charging businesses to Volenergy for an undisclosed sum, as it continues to slim down its portfolio and exit the retail space.

BP said Monday that the deal includes 250 branded retail sites. Of these, around 115 are company-owned and franchise-operated, BP said. The sites will continue to operate under the BP brand through a licensing agreement.

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Oil Climbed Above $90 Before Paring Gains as U.S.-Iran Attacks Escalate

Oil surged above $90 a barrel early Monday after the U.S. and Iran sharply escalated hostilities, deepening a nearly five-month conflict that has spread across the Middle East and threatening prolonged disruption to global energy markets.

Brent crude, the global oil benchmark, pared gains in mid-morning European trading to around $88 a barrel after topping $90 for the first time in more than a month. West Texas Intermediate futures traded around $81 a barrel.

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Magnolia Oil & Gas to Buy WildFire Energy for About $4 Billion

Magnolia Oil & Gas has agreed to buy WildFire Energy for about $4.06 billion in a deal that would increase its production by roughly 53,000 barrels of oil equivalent per day.

Magnolia Chief Executive Chris Stavros said Monday that the transaction would add more than 1.25 million net acres and upside development opportunities to the company's portfolio.

MARKET TALKS:

CFTC Report Shows Cuts to Corn and Soybean Shorts -- Market Talk

1127 ET - Friday's CFTC report shows fund traders reducing short positions in both corn and soybean -- suggesting that the possibility of a weather disruption to crop production is growing in likelihood. "Buying for the week was concentrated in corn, soymeal, soy oil, and Chicago wheat," says Daniel Flynn of Price Futures Group, suggesting that traders see ongoing weather issues as a potential catalyst to move grains up. Geopolitical strife is also pushing grains higher, with the U.S. ramping up its strikes on Iran over the weekend. CBOT corn rises 1.2%, soybeans are up 2.1%, and wheat is down 0.7%. (kirk.maltais@wsj.com)

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Wheat Lower Despite Continued Black Sea Fighting -- Market Talk

1047 ET - CBOT wheat futures are lower in early trading despite escalating violence between Ukraine and Russia. "Russian missile strike on a Ukraine corn cargo killed ten people last night as both sides ramp up strikes there," says Matt Zeller of StoneX in a note. Last week, drone strikes by Ukraine hit Russian vessels and caused a shipping halt through the Sea of Azov, which is where roughly a quarter of Russian wheat exports pass through on their way to customers. But traders seem content to collect profits today, with the most-active wheat contract down 0.8%. (kirk.maltais@wsj.com)

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Cattle Flat to Open Week -- Market Talk

1019 ET - Cattle futures are flat in morning trade, while the most-active contract has lost ground for 14 days straight. "Cattle and feeders had a rough week last week with lower cash trade, technical selling and funds exiting long positions," says Naomi Blohm of Total Farm Marketing in a note. Blohm adds that multiple higher-volume contract last week "fell below support [levels], adding to the technical bearishness." Demand for beef has been relaxed post-Independence Day. Lean hog futures are up 0.1% in early trading. (kirk.maltais@wsj.com)

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Corn, Soybeans Higher as USDA Announces More Flash Sales -- Market Talk

1005 ET - CBOT grain futures are mixed, with most-active corn up 1%, soybeans climbing 1.4%, and wheat down 1.1%. The USDA announced new flash sales of grains with 264,000 metric tons of soybeans sold to China for delivery in the 2026/27 marketing year. Another 110,000 tons of soybeans were sold for delivery to unknown destinations for delivery in 2026/27, and 100,000 tons of corn were sold for delivery to Colombia for 2026/27. The sales are helping support corn and soybeans, as is new weather projections showing less-than-optimal rainfall. "A widespread soaker does not appear to be in the cards as of today," says Gary Sandlund of Futures International in a note. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Start Week Lower -- Market Talk

0926 ET - U.S. natural gas futures are lower with LNG maintenance still curbing feedgas flows and a softer outlook for near-term power-sector demand. Heat and smoke from Canadian wildfires cleared over the northeast, raising solar energy output and lowering electricity demand, although Texas will see some triple-digit "feels like" temperatures by mid-week, Gary Cunningham of Tradition Energy says in a note. "Outlooks for power-sector demand and continued maintenance at LNG export terminals are simply too bearish for a rally," he adds. "The August contract is likely range bound between $2.80 and $2.95 until something changes." Nymex gas for August delivery is off 1% at $2.882/mmBtu. (anthony.harrup@wsj.com)

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Oil Futures Pare Gains Made on U.S.-Iran Escalation -- Market Talk

0920 ET - Oil futures pull back from the overnight highs reached on the military escalation in the Middle East as Iran says it has received proposals from mediators for a return to negotiations. Stepped up U.S. and Iranian strikes at the weekend pushed Brent and WTI to their highest levels in more than a month. "This movie has been seen before and as retail gasoline prices lift back up while Iranian oil revenue is again cut back, both sides will be looking for an off-ramp," Ritterbusch & Associates says in a note. WTI is up 0.2% at $82.68 a barrel and Brent is up 0.6% at $88.66. (anthony.harrup@wsj.com)

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Gold Slips After Brent Rises Back Above $90 a Barrel -- Market Talk

0729 GMT - Gold prices slip as escalating attacks between the U.S. and Iran push Brent crude back above $90 a barrel, reinforcing concerns over inflation concerns despite softer U.S. inflation data. "The recent price action suggests that concerns over higher-for-longer interest rates are offsetting gold's traditional safe-haven appeal, leaving gold largely range-bound despite escalating geopolitical risks," says Soojin Kim, analyst at MUFG. Markets are now pricing in at least one interest-rate hike by the Federal Reserve this year, diminishing the appeal of nonyielding bullion. In early European trading, gold futures are down 0.2% to $4,010.20 a troy ounce. (giulia.petroni@wsj.com)

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European Energy Stocks Open Higher as Oil Rises on Escalating U.S.-Iran Attacks -- Market Talk

0721 GMT - European energy stocks open higher as oil climbs on concerns that escalating hostilities between Iran and the U.S. threaten energy flows through the Strait of Hormuz. Tit-for-tat exchanges have pushed Brent crude futures 3.3% higher to 90.97 a barrel while WTI rises 1% to $78.46 a barrel. In London, BP is up 1.2% while Shell rises 0.5%. Spain's Repsol, Norway's Equinor and France's TotalEnergies are all up around 1.7%. Italy's Eni rises 1.4%.(adam.whittaker@wsj.com)

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Copper Edges Higher; AI Demand, Middle East Conflict in Focus -- Market Talk

0352 GMT - Copper rises in early Asian trade. Copper prices are likely to be driven by sentiment around artificial intelligence, which is increasingly shaping expectations for future power and copper demand, Goldman Sachs Research says in a note. Yet, "we see near-term downside risk to copper prices if the Middle East conflict escalates further and adds to inflation and rate hike concerns," it says. China's physical market has continued to tighten with low inventories, which is likely to help cushion any downside pressures, Goldman Sachs adds. The three-month LME copper contract is 0.3% higher at $13,561.00 a ton. (kimberley.kao@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

July 20, 2026 11:54 ET (15:54 GMT)