Oil Prices Reverse Gains, Move Lower After Brent -2-

0917 GMT - Gulf economies face pressure from disruptions to fertilizer supply chains and their reliance on imported food as the Strait of Hormuz conflict continues, S&P Global Ratings says. The region is exposed both as an energy and fertilizer supplier and as a major food importer. Higher nitrogen and phosphate prices relative to agricultural commodity prices have weakened fertilizer affordability globally, while China's export restrictions and a sulfur shortage continue to constrain supplies. S&P expects pressure on fertilizer markets to persist through the rest of 2026, with only gradual improvement in 2027, raising concerns about food costs and agricultural demand. (farhan.rafid@wsj.com)

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European Gas Prices Rise as Geopolitical Risks Intensify -- Market Talk

0858 GMT - European natural-gas prices climb in early trading, with the benchmark Dutch TTF contract up 1.7% at 89.60 euros a megawatt-hour. "For now, geopolitical risks seem to be only worsening, and the risks of further energy price spikes remain high," energy strategists at Rabobank say. "One tanker crossing can push prices lower for a day. One attack can reverse the move even faster." However, the broader outlook for global LNG supply remains more favorable, with new liquefaction capacity outside the Gulf set to reduce reliance on Qatar and ease competition for cargoes between Europe and Asia. Rabobank estimates that around 40 million tons a year of non-Qatari export capacity could become available in 2027, followed by a further 50 million tons in 2028, potentially reducing the market's exposure to supply disruptions in the Gulf. (giulia.petroni@wsj.com)

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Gold Slips as Investors Await Fed Meeting Next Week -- Market Talk

0838 GMT - Gold prices slip in early European trading as rising energy prices heighten inflation concerns, while investors await next week's Federal Reserve policy meeting for more cues on the rate outlook. "Overall, bullion remains confined to a relatively narrow range with key resistance located around $4,230, caught between macroeconomic headwinds and continued demand from investors seeking protection against fiscal and geopolitical risks," analysts at Saxo Bank say. New York gold futures are down 0.5% at $4,140.30 a troy ounce. Meanwhile, silver futures are up 0.4% to $57.50 an ounce, while platinum rises 0.2% to $1,652.50 an ounce. (giulia.petroni@wsj.com)

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Brent at $110 as Middle East Attacks Keep Risk Premium Elevated -- Market Talk

0828 GMT - Oil prices rise, with Brent crude back above $110 a barrel as persistent attacks on shipping in the Strait of Hormuz and Houthi strikes on Saudi Arabia keep the risk premium high. In early European trading, Brent crude rises 1% to $110.68 a barrel, while the WTI December contract is up 0.9% to $99.44 a barrel. "A deal before the U.S. midterms in two weeks' time is going to be challenging, while investors are also concerned that the U.S. administration may be more likely to escalate against Iran after the midterms, as Iran's increased strikes in Hormuz have now slowed the increase in oil flows," analysts at Deutsche Bank say. (giulia.petroni@wsj.com)

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Iron Ore Prices Fall as China's High Port Inventories Weigh -- Market Talk

0243 GMT - Iron ore prices are lower in early Asian trade, weighed by high port inventories in China and weakening steelmaking demand, says Anliang Futures analysts in a note. Steelmakers' losses have curbed their appetite for restocking after preholiday purchases ended, they add. Also, port inventories continued to build, keeping pressure on prices, they say. The market will watch for changes in hot-metal output and the pace of inventory drawdowns, while persistent macro headwinds and lackluster domestic demand remain key downside risks, they add. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 0.7% lower at 677.50 yuan a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Palm Oil Rises on Stronger Sentiment, Expected Demand Recovery -- Market Talk

0241 GMT - Palm oil rises in Asian trading, driven by stronger sentiment across vegetable oil markets and expectations of a recovery in export demand, says David Ng, trader at Kuala Lumpur-based Iceberg X. However, concerns over elevated Malaysian inventories may continue to weigh on sentiment, he adds. Ng pegs resistance at 4,800 ringgit a ton and support at 4,725 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery is up 33 ringgit at 4,799 ringgit a ton. (yingxian.wong@wsj.com)

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Copper Lower as Traders Price Out U.S. Tariff Risks -- Market Talk

0223 GMT - Copper edges lower in early Asian trading. While prices rose on expectations that President Trump might impose tariffs on the metal, some investors now doubt they will materialize, according to ANZ Research analysts. That said, continuing supply-side issues are likely to limit the downward pressure on prices, ANZ writes in a commentary. A major copper smelter in South Korea might cut output as a global shortage of copper concentrate squeezes margins, which could reduce supply of the metal, the analysts add. The three-month LME copper contract is down 0.2% at $14,317.00 a ton. (tracy.qu@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

October 20, 2026 12:07 ET (16:07 GMT)