Brent Gains More Than 4% on U.S.-Iran Tensions, Hurricane Isaias — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 4.5% at $104.73 a barrel.

--European benchmark gas is up 1.1% at 78.94 euros a megawatt-hour.

--Copper futures are down 0.4% at $14,397 a metric ton.

--Gold futures are up 0.4% at $4,157.40 a troy ounce.

TOP STORY:

Brent Gains More Than 4% on U.S.-Iran Tensions, Hurricane Isaias

Oil prices jumped more than 4% on Thursday as traders weighed intensifying Persian Gulf shipping risks and U.S.-Iran tensions alongside U.S. offshore production shut-ins ahead of Hurricane Isaias.

December Brent crude futures rose 4.4% to $104.73 a barrel, while December West Texas Intermediate futures gained 4.4% to $91.41 a barrel.

The latest rise reflects a combination of Middle East and U.S. supply risks, DNB Carnegie energy analyst Helge Andre Martinsen said. He pointed to a tanker attack off Qatar, Houthi attacks on Saudi airports, reports of possible renewed U.S. strikes against Iran and temporary Gulf of Mexico production shutdowns ahead of Hurricane Isaias.

OTHER STORIES:

Oil Majors Cut Production in Gulf of Mexico as Hurricane Isaias Strengthens

Oil companies operating in the Gulf of Mexico have begun curbing production and evacuating personnel from offshore facilities as the region braces for Hurricane Isaias.

The hurricane is intensifying and is expected to pass to the north of the Yucatan Peninsula later Thursday before making landfall along the northern Gulf Coast late Friday or early Saturday, the National Hurricane Center said.

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Devon Energy Sells Eagle Ford Assets to Crescent Energy for $4.2 Billion

Devon Energy is exiting the Eagle Ford with a deal to sell its assets in Texas for $4.2 billion, cashing in on elevated energy prices.

The company said it signed a definitive agreement to sell to Crescent Energy CRGY its Eagle Ford assets, which includes about 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The operations account for roughly 4% of Devon's total production.

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Investors Wary of Dedicated Power Projects for Data Centers

Some private-investment firms are hesitating to invest in dedicated electricity supplies to data centers running AI systems, warning that technical hurdles and strict reliability demands threaten so-called behind-the-meter power developers with the possibility of hefty financial penalties.

Large tech companies developing artificial-intelligence tools-such as Amazon.com, Facebook's META owner Meta Platforms, Google and Microsoft MSFT-are increasingly looking for additional sources of power for their data centers as interconnection backlogs mean it can take years to hook up new projects to the power grid.

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Equinor and Partners Make Gas Discovery in North Sea

Equinor said it has discovered gas at the North Sea's Gullfaks South field along with its partners.

The Norwegian energy company said Thursday that between 500,000 and 1.6 million standard cubic meters of recoverable oil equivalents have been discovered, corresponding to between 3.3 million and 10.3 million barrels of oil equivalent.

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Galp Energia and Equinor Get Offshore Brazilian Oil Block

Portugal's Galp Energia and Norway's Equinor have been awarded an offshore oil block in Brazil's Santos Basin.

Galp said late Wednesday that it will own a 30% stake in the Rodocrosita block with Equinor owning the remainder and acting as operator.

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Corn and Soybean Exports Land on Low End of Forecasts

Export sales of U.S. corn and soybeans reported by the Department of Agriculture landed on the low side of forecasts from analysts surveyed by The Wall Street Journal.

In its weekly export sales report published Thursday, the USDA said corn export sales for the week ended Oct. 1 totaled 769,500 metric tons for the 2026-27 marketing year. Soybean sales landed at 549,400 tons for the marketing year. Both totals were on the lower side of analyst forecasts for the week.

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Anglo American Warns of Brazilian Closure if EU Vetoes MMG Nickel Deal

Anglo American might have to close its Brazilian nickel operations if European Union authorities decide to veto an up to $500 million sale to MMG, the company was set to tell the bloc's merger officials Thursday.

Executives for the London-headquartered mining group were in Brussels for a hearing with officials from EU executive, the European Commission to defend the planned transaction, agreed on last year, which would see Anglo American sell its Brazilian nickel business to an MMG subsidiary for up to $500 million.

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Endeavour Silver to Rejig Guidance After Disruptions, Despite Rise in 3Q Output

Endeavour Silver plans to revise its production targets for the year after disruptions held back growth in the latest quarter.

The Canadian silver producer with mines in Mexico and Peru said annual production is expected to be at or slightly below the low end of its latest guidance following operational interruptions at the Terronera and Guanacevi operations.

MARKET TALKS:

Grains Extend Consolidation Ahead of WASDE -- Market Talk

0949 ET - CBOT grain futures are lower in early trading, as traders get in position ahead of tomorrow's WASDE report from the USDA. "Typically, in the October report, the USDA will make minor changes, and trade estimates are looking for a slight yield reduction," says Cory Bratland of AgMarket.net in a note. With fund traders still holding big net long positions in grains, particularly in corn, some traders may be considering liquidating if the WASDE yields a negative surprise, like larger ending stock projections or larger production outlooks. CBOT corn falls 0.6% early, soybeans slide 0.7%, and wheat is down 0.1%. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Gain Ahead of Inventory Data -- Market Talk

0923 ET - The rally in U.S. natural gas futures stretches into a fifth session with the market expecting an eighth consecutive below-average inventory build to further reduce the storage surplus over the five-year average. The EIA is due to release weekly storage data at 10:30 a.m. ET. Analysts in a WSJ survey predict a 79 Bcf injection. The market is also watching Hurricane Isaias in the Gulf, which is expected to shut in some natural gas production but could also disrupt LNG exports. Nymex natural gas is up 2% at $3.268/mmBtu. (anthony.harrup@wsj.com)

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Crude Rises on Fears of Middle East Escalation, U.S. Gulf Storm -- Market Talk

0911 ET - Oil futures are sharply higher on concerns the U.S. could be preparing for renewed strikes on Iran while Hurricane Isaias heads for the U.S. Gulf coast, shutting in production. "Houthi strikes against Saudi Arabia, speculation over a resumption of U.S. military strikes against Iran, and President Trump's stated preference against a deal combine to paint a volatile geopolitical backdrop," says Nikos Tzabouras of Tradu. But the picture isn't "uniformly bullish," he adds, noting gradual increases in supply and the G7 commitment to release additional reserves. WTI is up 4.7% at $92.46 a barrel and Brent gains 4.5% to $104.76 a barrel. (anthony.harrup@wsj.com)

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Palm Oil Futures End Higher on Firmer Crude Oil -- Market Talk

1005 GMT - Palm oil futures closed higher, rebounding thanks to firmer crude oil, gains in Dalian vegetable oils and expectations for stronger demand from India, says David Ng, trader at Kuala Lumpur-based Iceberg X. Ng expects crude palm oil futures to find support at 4,500 ringgit a ton and face resistance at 4,700 ringgit a ton. The Bursa Malaysia Derivatives contract for December delivery rose 139 ringgit to 4,663 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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European Gas Prices Climb on LNG Shipping Risks

0757 GMT - European natural-gas prices climb back above 80 euros a megawatt-hour as concerns over continued attacks on shipping in the Gulf raised fresh questions about the security of LNG supplies. According to a Bloomberg report, Qatar had assembled a fleet of at least 12 empty LNG tankers in the Persian Gulf, suggesting it was preparing to resume or increase shipments. However, intensifying attacks on vessels in the region have heightened concerns over the safety of transits. In early trading, the benchmark Dutch TTF contract rose 3.2% to 80.59 euros a megawatt-hour. Meanwhile, European Union underground natural-gas storage facilities are currently 72% full, according to data from industry group Gas Infrastructure Europe, well below the seasonal average. (giulia.petroni@wsj.com)

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Gold Inches Higher After Fed Minutes -- Market Talk

0751 GMT - Gold prices tick higher as traders assess the possibility of another Federal Reserve interest-rate hike this year. Minutes from the September FOMC meeting showed most policymakers expected another hike by the end of the year, but didn't make an urgent case for such a move at the next meeting in October. In early trading, New York gold futures are up 0.1% to $4,143.40 a troy ounce. "The price action highlights an ongoing battle between macro and technically focused traders selling gold in response to higher funding costs and dollar strength, and investors seeking protection against the potential fiscal fallout from rising debt and borrowing costs," analysts at Saxo Bank say. (giulia.petroni@wsj.com)

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Shell's Adjusted Earnings Set for Double-Digit Quarter-On Quarter Growth -- Market Talk

0731 GMT - Shell's third-quarter adjusted earnings should rise 14% quarter-on-quarter to $11.2 billion, HSBC analyst Kim Fustier writes. The British energy major's quarterly performance update contained few surprises, with very strong refining margins and robust oil and gas trading being the key elements, she says. The record margins will more than offset a fall in refinery utilization rates, she adds. Shares trade 1.1% higher at 3,688 pence.(adam.whittaker@wsj.com)

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Copper Gains Amid Concerns Over Reported Mine Strike Action, U.S. Stockpiling -- Market Talk

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October 08, 2026 10:54 ET (14:54 GMT)

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