American Oil Giants See Profits Soar as Wars Crimp Energy Supplies — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude for January delivery is up 2.3% to $113.33 a barrel.

--European benchmark gas climbs 5.6% to 103.41 euros a megawatt-hour.

--Copper futures are down 0.9% at $14,222 a metric ton.

--Gold futures are down 1.2% to $3,983.60 a troy ounce.

TOP STORY:

American Oil Giants See Profits Soar as Wars Crimp Energy Supplies

America's two biggest oil companies banked huge third-quarter profits, benefiting from the disruption in energy markets after drones took out major oil refineries in Russia and the Middle East.

The fuel-making divisions at ExxonMobil XOM and Chevron CVX turned in their highest quarterly earnings ever, while churning out fuel for a global market buffeted by supply disruptions. Both companies are taking steps to boost their output of diesel, prices of which hit records in the U.S. in September.

OTHER STORIES:

Oil Prices Rise After Hormuz Tanker Attack, Houthi Claims Stoke Supply Fears

Oil prices rose Friday after an attack on a tanker transiting the Strait of Hormuz and renewed Houthi claims of strikes on Saudi energy infrastructure heightened concerns over Middle East oil supplies.

December Brent crude futures rose 1.4% to $116.53 a barrel, while December West Texas Intermediate futures gained 1.3% to $103.34 a barrel.

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BP Slashes Net Debt as Earnings Soar

BP's profit almost quadrupled and cash flow jumped, enabling the British energy major to cut net debt faster than expected.

The company reported a third-quarter underlying replacement-cost profit-a similar metric to the net income that U.S. oil companies report-of $8.46 billion. This compares with the $2.21 billion it reported in the same period last year and the $7.33 billion analysts expected, according to a company-compiled consensus.

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Ukraine Hits Russian Oil Refinery, Ending Pause and Defying Trump

Ukraine struck an oil refinery in Russia's Samara region early on Friday, ending a two-week pause in refinery attacks that came amid heavy pressure from the Trump administration to halt such operations.

Photos and video footage posted on social media showed columns of smoke rising into the sky over the Novokuibyshevsk refinery.

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Japan Aims to Shore Up Energy Security Through Gulf Oil Storage Cooperation, Trade Ministry Says

Japan is counting on oil storage arrangements with Saudi Arabia, the United Arab Emirates and Kuwait to help shield its energy supplies from geopolitical shocks, with Japanese companies entitled to priority access to the crude in an emergency, the country's trade ministry said.

Under a longstanding joint stockpiling deal, Gulf producers lease tanks from Japanese refiners and other companies, allowing them to hold crude close to major Asian markets while providing Japan with an additional source of supply security.

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Energy Giant Cnooc's Profit Rises, Supported by Higher Oil Prices

China's top offshore producer Cnooc rounded out a strong quarter for the country's three largest oil and gas companies, as elevated energy prices due to the Middle East conflict buoyed bottom lines despite volatility and continued uncertainty in the market.

China National Offshore Oil Corp. said net profit for the three months ended September rose 2.7% from a year earlier to 33.30 billion yuan, equivalent to $5 billion, and revenue increased 7.6% to 112.91 billion yuan.

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Inside the U.S. Military's Open-Ended Mission to Keep Gulf Oil Flowing

ABOARD THE USS GEORGE WASHINGTON IN THE ARABIAN SEA-Under the cover of darkness, American jet fighters loaded with air-to-air missiles catapult off the deck of the aircraft carrier USS George Washington and make their way toward the Strait of Hormuz to shoot down Iranian cruise missiles and drones aimed at commercial ships.

With Smucker's Uncrustable sandwiches, gum and bathroom bags to get through the night, F-35C and F/A-18 pilots sync up with electronic-warfare planes, flying radar systems and submarine-hunting helicopters to create an umbrella of protection over tankers transiting the waterway. Hours later, the pilots slam back onto the carrier traveling more than 100 miles an hour, a cable catching their tailhooks to bring the night's work to an end in less than two seconds.

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Rio Tinto to Restart Underground Operations at Oyu Tolgoi Copper Mine

Rio Tinto is preparing to restart underground operations at the Oyu Tolgoi copper mine in Mongolia after a seismic event triggered a rockfall that injured two employees.

The company had paused underground activities after seismic activity occurred along a rock fault zone at roughly 6:00 p.m. local time Thursday, resulting in ground vibration in the mine.

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Lithium Miners Look Past Falling Prices to Expand Output -- Analysis

Lithium prices are falling again. Miners are expanding anyway.

The battery metal has been on a rollercoaster ride in recent years, as the small but fast-growing market manages mismatches in supply and demand-as well as sudden swings in sentiment.

MARKET TALKS:

BP's Earnings Meet Elevated Expectations -- Market Talk

1106 GMT - BP delivered against elevated expectations, UBS analyst Joshua Stone writes. Operating earnings came in 10% ahead of consensus and adjusted net income beat by 15%, Stone notes. One of the most important elements from Friday's release was the intention to settle the remaining liabilities from the Deepwater Horizon oil spill in full, which is equivalent to around $5 billion post-tax, he says. Shares rise 0.4% to 626.70 pence. (adam.whittaker@wsj.com)

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Palm Oil Prices Rise on Stronger Crude Oil Prices -- Market Talk

1002 GMT - Palm oil prices ended higher on stronger crude oil prices, which improved the outlook for biodiesel demand. However, concerns over elevated Malaysian inventories continued to limit gains, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng expects CPO futures to find support around 4,600 ringgit a ton and face resistance at 4,800 ringgit a ton, with traders closely monitoring crude oil prices, soybean oil movements and fresh exports estimates for further directions, he adds. The Bursa Malaysia Derivatives contract for January delivery ended 66 ringgit higher at 4,682 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Oil Gains on Middle East Escalation Concerns, Hormuz Shipping Risks -- Market Talk

0849 GMT - Oil prices rise in early European trading, driven by persistent threats to shipping in the Strait of Hormuz and fears that the U.S. could resume military strikes against Iran. "Oil prices will continue to see an upside skew until there is clarity on the geopolitical conditions in the Middle East, with the period following next week's U.S. midterms in focus for a potential deterioration in regional security," analysts at MUFG say. Brent crude for December delivery, which expires on Friday, is up 1.9% to $117.08 a barrel, while the more-active January contract gains 1.9% to $112.98 a barrel. WTI futures rise 1.9% to $103.93 a barrel. (giulia.petroni@wsj.com)

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European TTF Gas Is Back Above 100 Euros a Megawatt-Hour -- Market Talk

0835 GMT - European natural-gas prices climb back above 100 euros a megawatt-hour, driven by fears of escalating tensions in the Middle East and colder temperatures in northwest Europe. In early trading, the benchmark Dutch TTF contract is up 3.3% to 101.10 euros a megawatt-hour, on track for a weekly gain of nearly 8%. According to market watchers, gas storage inflows have stalled as the heating season kicks off, with tanks only 74.9% full. "The key question is whether these higher prices will destroy demand," ING analysts say. "In power markets, we're already deep into the gas-to-coal switching range." (giulia.petroni@wsj.com)

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Gold Below $4,000 on Inflation Concerns, Tech Selloff -- Market Talk

0823 GMT - Gold prices slide below the $4,000-a-troy-ounce mark as higher oil prices and sticky inflation fuel expectations that the Federal Reserve will raise interest rates again later this year. New York futures are down 1% to $3,993.10 an ounce. The U.S. central bank left the door open for future rate hikes if inflation pressures persist, while the latest U.S. data showed the PCE index--the Fed's preferred inflation gauge--rose last month. According to the CME FedWatch tool, traders are pricing in a 74% chance of a rate hike in December. Meanwhile, a tech-stock selloff raised the risk of investors offloading the metal to cover losses. "Heading into the weekend, traders will watch whether the U.S. technology sector selloff extends into today's session, potentially triggering broader deleveraging and liquidity-driven selling across markets, including precious metals," Saxo analysts say. (giulia.petroni@wsj.com)

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U.S. Oil Reserve Replenishment Expected to Support Prices -- Market Talk

0330 GMT - Crude oil prices are forecast to average $80-$90 a barrel in 2027, remaining slightly above prewar levels, under MBSB's base case where the Iran war de-escalates in 1Q. The planned replenishment of the U.S. Strategic Petroleum Reserve from Nov. 1 could provide a steady source of demand of around 150,000-200,000 barrels a day until mid-2029, helping support prices. While the replenishment alone is unlikely to determine market direction, it could provide a firmer price floor as global inventories recover, they add. MBSB maintains a positive rating on the Malaysian oil-and-gas sector, naming Dialog its top pick, as the company is on track to post another record year of earnings in 2027. (yingxian.wong@wsj.com)

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Copper Falls on Persistent U.S. Inflationary Pressures -- Market Talk

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October 30, 2026 07:50 ET (11:50 GMT)