Oil Prices Gain as Middle East Conflict Spreads — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 3.7% to $108.48 a barrel.

--European benchmark gas is up 5.8% to 84.09 euros a megawatt-hour.

--WTI crude oil is up 3.5% to $103.58 a barrel.

--Gold futures are down 1.3% to $4,319.40 a troy ounce.

--Copper futures are down 1.2% to $6.395 a pound.

TOP STORY:

Oil Prices Gain as Middle East Conflict Spreads

Oil prices rise in European trading as escalating conflict in the Middle East puts further pressure on crude-export routes already constrained by disruption through the Strait of Hormuz.

Front-month Brent crude oil futures rose 3.7% to $108.48 a barrel, while front-month West Texas Intermediate crude oil futures gained 3.5% to $103.58 a barrel. Both benchmarks ended last week sharply higher, with Brent gaining 8.7% and WTI rising 9.4%.

Saudi Arabia's East-West Pipeline remains shut after attacks last week prompted authorities to close it as a precaution. The pipeline carries crude from the kingdom's producing regions to the Red Sea coast and has become increasingly important while shipping through Hormuz remains constrained.

The attack adds pressure to an export route Saudi Arabia has increasingly relied on to bypass Hormuz. Iran-backed Houthi militants last week seized Perim Island and the coastal town of Dhubab after capturing Mokha, tightening their grip around the Bab al-Mandeb Strait and raising risks for Red Sea crude shipments.

OTHER STORIES:

Middle East Oil Disruptions Could Stretch Into Next Year

A recovery in Middle East oil flows is expected to stretch into next year as escalating attacks on Gulf shipping and growing risks around the Red Sea keep key export routes under pressure.

The International Energy Agency has sharply lowered its outlook for global oil demand as higher fuel prices and shortages of refined products weigh on consumption. Its September report expects global demand to fall by 2.5 million barrels a day in 2026 before recovering next year.

--

European Gas Prices Remain Elevated as LNG Supply Tightens

European natural-gas prices remain elevated as Middle East disruptions constrain LNG supplies and leave the region more exposed ahead of winter.

Qatar's Ras Laffan complex remains below normal capacity after earlier missile damage, while restricted shipments through the Strait of Hormuz have reduced the availability of Qatari LNG. European gas-storage levels are also well below typical seasonal levels, raising the prospect of stronger competition with Asian buyers for remaining cargoes.

--

Copper Pulls Back After Record Rally

Copper prices edge lower after surging to record highs last week as traders reassess stretched positioning and uncertainty over possible U.S. tariffs on refined copper.

Three-month LME copper recently reached a record $14,728 a metric ton, with tight mine supply and tariff-related stockpiling in the U.S. supporting the rally. Global mine output fell 1.1% in the first half of the year, while refined-metal flows into the U.S. have reduced inventories elsewhere.

MARKET TALKS:

Gold Investors Could Be Looking Beyond Next Fed Move -- Market Talk

0321 GMT - Gold investors could be looking beyond the next Federal Reserve move, says UBS Global Economics and Strategy Research's Joni Teves in a note. The precious metals strategist expects the market to have largely absorbed rate tightening expectations and place greater weight on other reasons to buy gold, such as the asset's diversification appeal and intact official-sector buying. The peak gold demand season is also approaching in India, while investment activity in China appears supportive, she adds. Gold prices are likely to remain volatile but increasingly likely to rise toward the year-end, she says. She flags that a September Fed rate increase could still result in a "knee-jerk correction" without derailing the broader recovery. Spot gold declines 0.3% to $4,332.84 a troy ounce. (megan.cheah@wsj.com)

--

Iron Ore Falls on Weak Steel Demand -- Market Talk

0259 GMT - Iron ore falls in early Asian trading. Prices are dragged by weak demand due to poor profitability at steel mills, Tongguan Jinyuan Futures analysts say in a note. Traders are watching for the impact on iron ore's demand from steel mills' preholiday restocking, they add. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 1.4% lower at 710.0 yuan a ton. (amanda.lee@wsj.com)

--

0241 GMT - Palm oil rises in Asian trading amid bargain hunting, with the Bursa Malaysia Derivatives contract for November delivery up 37 ringgit at 4,851 ringgit a ton. However, the crude palm oil market could remain under pressure as rising Malaysian inventories and weaker export demand weigh on sentiment, AmInvestment Bank says in a note. Technical analysis suggests CPO futures remain bearish, with a technical rebound facing resistance around 4,891 ringgit-4,920 ringgit a ton, it adds. AmInvestment Bank expects palm oil prices to face support at 4,740 ringgit a ton. (yingxian.wong@wsj.com)

--

0219 GMT - Copper falls in early Asian trading. Prices are lower after recent reports suggested that the Trump administration has delayed a decision on import tariffs on refined copper, ANZ Research analysts say in a note. Traders have been stockpiling a large amount of copper in the U.S. in anticipation of potential tariffs. Still, rising concerns about inflation are making the White House hesitant on tariff plans, ANZ says. Three-month futures on the LME are down 0.35% at $14,190.00 a metric ton. (amanda.lee@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 14, 2026 05:15 ET (09:15 GMT)