Oil Prices Jump on Houthi Attacks, U.S.-Iran Escalation Fears — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 1.9% at $105.06 a barrel.

--European benchmark gas is down 1.3% at 74 euros a megawatt-hour.

--Copper futures are up 0.3% at $14,666.50 a metric ton.

--Gold futures are down 0.3% at $4,309 a troy ounce.

TOP STORY:

Oil Prices Jump on Houthi Attacks, U.S.-Iran Escalation Fears

Oil prices rose Thursday amid renewed Middle East escalation concerns after Saudi Arabia said it intercepted six ballistic missiles launched at the kingdom, while U.S.-Iran talks showed little sign of progress.

In European late afternoon trading, Brent crude futures rose 2.4% to $105.55 a barrel, while West Texas Intermediate gained 2.3% to $94.32 a barrel. Both benchmarks had been down around 0.7% earlier in the session, with Brent briefly trading above $107 later in the day.

OTHER STORIES:

Is 3-D Printing the Answer to AI's Gas Turbine Crunch?

A tiny California startup founded earlier this year is taking the "Bring Your Own Power" trend that is dominating the AI race to a whole new level-it is relying on 3-D printing technology to help make backlogged power equipment.

Parallax, which was founded by a Stanford University graduate who previously co-founded a defense hardware company, has raised $117 million to enter the market for a key piece of equipment made by industrial giants: gas turbines.

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Behind the Oil-and-Gas Industry's Blitz to Try to Defeat a Diesel Export Ban

When the oil-and-gas industry heard President Trump back the idea of a ban on diesel exports, it pulled out the bazooka.

Shortly after Trump made his suggestion Tuesday, Mike Sommers, chief executive of the American Petroleum Institute, the industry's top lobby, issued a statement condemning the move. He said restricting U.S. exports "would only compound the problem" of rising diesel costs. API also issued a press release on the dangers of an export ban.

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War Throttles Black Sea Grain Exports, Threatening Food Supplies

The escalating air war between Russia and Ukraine is threatening to ratchet up prices at your local supermarket.

Waves of drone and missile attacks on ports and vessels in the Black Sea region have throttled both countries' exports of wheat, corn and other key ingredients. The disruptions have pushed U.S. wheat futures to three-year highs in recent weeks, and could accelerate food inflation if the bottleneck isn't removed soon, analysts warn.

MARKET TALKS:

Brent Climbs Above $107 After Houthi Attack Against Saudi Arabia Sites -- Market Talk

1627 GMT - Oil prices climb more than 4% in afternoon U.S. trade after a Saudi-led coalition in Yemen said Saudi Arabia intercepted six ballistic missiles ​fired by Iran-backed Houthis on Thursday. A Houthi military spokesman said in a statement that the group had launched dozens of ballistic missiles and drones against Saudi military sites in Jazan. The Saudi Civil Defense separately issued an emergency warning in Mecca to alert of a potential danger. The front-month Brent crude contract rises 4.7% to $107.95 a barrel, while WTI futures are up 4.8% to $96.56 a barrel. (giulia.petroni@wsj.com)

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Cooler Temperatures Move Through Corn Belt -- Market Talk

1105 ET - The NOAA's Climate Prediction Center says that cooler than average temperatures are moving through the U.S. Corn Belt over the next two weeks--this while higher precipitation is expected. This is seen as being good for winter wheat being planted, although potentially less beneficial for farmers in the process of harvesting corn and soybeans. "The latest overnight outlook shifts meaningful rain back into the central and southern Plains wheat belt, improving prospects for hard red winter wheat establishment after September heat," says Jim Wiesemeyer of Ag Bull in a note. CBOT wheat is down 0.8%, while corn is off 0.1% and soybeans inch lower. (kirk.maltais@wsj.com)

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Oil Futures Gain With Little U.S.-Iran Diplomatic Progress Seen -- Market Talk

0953 ET - Oil futures extend their recovery into a second session with little progress seen toward direct talks between the U.S. and Iran. Prices have been contained by continuing flows through the Strait of Hormuz and the restart of Saudi Arabia's East-West pipeline, but the market remains cautious as long as the conflict drags on. "Crude oil remains in strong demand, as there is still no evidence of a breakthrough toward a diplomatic solution that would bring the parties back to the negotiating table," Peter Cardillo of Spartan Capital says in a note. WTI is up 1.9% at $93.92 a barrel and Brent is 2.2% higher at $105.36 a barrel. (anthony.harrup@wsj.com)

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U.S. Natural Gas Inventories Rise as Expected -- Market Talk

1048 ET - U.S. natural gas inventories increased by 53 billion cubic feet last week to 3,351 Bcf, reducing the storage surplus over the five-year average to 95 Bcf from 118 Bcf the week before, the EIA reports. The net injection into underground facilities was smaller than the 76 Bcf average increase for the week, and landed in line with the 53 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are steady in the wake of the report, trading at $3.0230/mmBtu. (anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Flit Around $3 Ahead of Storage Data -- Market Talk

0955 ET - U.S. natural gas futures are holding around the $3 level as the market awaits weekly inventory numbers that are expected to show a below-normal storage injection. Analysts in a WSJ survey expect a 53 Bcf build for last week that would lower the inventory surplus over the five-year average to 95 Bcf from 118 Bcf the previous week. The EIA report is due at 10:30 a.m. ET. "Near-term volatility risks remain elevated into October contract final settlement on Monday, while storage figures are projected to subsequently loosen in late September and early October," Eli Rubin of EBW Analytics says in a note. Nymex natural gas is off 0.6% at $3.006/mmBtu. (anthony.harrup@wsj.com)

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European Gas Prices Rise as Storage Levels Worry Market -- Market Talk

0821 GMT - European natural-gas prices rise in early trading as market focus remains on storage levels ahead of the winter heating season. The benchmark Dutch TTF contract gains 3% to 74 euros a megawatt-hour with diplomatic talks between the U.S. and Iran showing little sign of meaningful progress, adding to uncertainty over the broader energy outlook. According to industry group Gas Infrastructure Europe, inventories across the European Union are currently 70% full, well below the seasonal average of 86%. "Higher LNG flows to northwest Europe have offered some relief, but lower Norwegian pipeline flows amid heavy maintenance continue to limit the buffer," analysts at ANZ say. (giulia.petroni@wsj.com)

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Oil Prices Inch Up as U.S.-Iran Talks Show Little Sign of Progress -- Market Talk

0749 GMT - Oil prices tick higher in early European trading on little sign of progress in U.S.-Iran talks, with Brent crude up 0.2% to $98.28 a barrel and WTI futures rising 0.1% to $92.26 a barrel. "Continued Hormuz flows and a Saudi pipeline restart could ease physical supply pressures, but persistent tanker attacks and limited diplomatic progress should keep volatility and the geopolitical risk premium elevated," says Soojin Kim, analyst at MUFG. Meanwhile, supply of refined products remains tight, particularly diesel, with most analysts saying a potential full or partial U.S. diesel export ban would provide only limited short-term relief and could eventually hurt the market. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 24, 2026 13:22 ET (17:22 GMT)