What's Next for Iran Peace Talks After the Midterms — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is down 0.7% to $97.59 a barrel.

--European benchmark gas is up 0.3% to 85.86 euros a megawatt-hour.

--Copper futures are flat at $13,722 a metric ton.

--Gold futures fall 1% to $4,071.50 a troy ounce.

TOP STORY:

What's Next for Iran Peace Talks After the Midterms

The Democrats' midterm-election gains have raised questions about how the Trump administration will proceed on the Iran war-specifically whether it will restart large-scale strikes or focus on negotiations. Vice President JD Vance cited the conflict as one of the top factors in the vote.

Negotiations between the U.S., Iran and a cast of mediators on ending the war-which began in late February-have been continuing in fits and starts for months. Talks have centered on reopening the Strait of Hormuz, a vital waterway for global shipping, and curtailing Iran's nuclear program. But significant gaps have persisted.

OTHER STORIES:

Oil Slides Below $100 a Barrel, With Focus on Iran Outlook After U.S. Midterms -- Update

Oil prices are set for a sharp weekly drop, with Brent crude falling below $100 a barrel as traders await Washington's next move on Iran after President Trump's Republican Party suffered major losses in the midterm elections.

Front-month Brent crude, the global oil benchmark, fell 0.7% to $97.59 a barrel, while West Texas Intermediate futures were down 0.5% to $89.98 a barrel on Friday. Both contracts are on track for weekly losses of nearly 14%.

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Copper Falls as Democratic Sweep of U.S. Congress Spurs AI Regulation Fears

Copper prices fell to their lowest levels since late July as the Democratic sweep in the U.S. midterms raised questions about whether tighter regulatory oversight could slow the expansion of AI infrastructure, weighing on demand for the metal.

Three-month copper futures on the London Metal Exchange slipped 0.2% to $13,744 a metric ton on Friday, putting them on track for a weekly loss of nearly 3%, amid a broader selloff in technology stocks driven by concerns over tighter AI regulation.

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Global Food Prices Ease on Cheaper Grains, Dairy and Meat, UN Says

Cheaper grain, dairy and meat pulled global food prices lower in October from the previous month, offsetting a sharp sugar rally driven by weather-related supply disruptions in major producing regions, the United Nations' Food and Agriculture Organization said.

The FAO's food price index--which tracks a basket of internationally traded food commodities--averaged 133.9 points last month, down 1.2% from its revised September level but 5.9% higher than a year earlier.

MARKET TALKS:

U.S. Crude Imports From Venezuela Near Decade High -- Market Talk

1040 ET - U.S. imports of Venezuelan crude oil were a nine-year high 701,000 barrels a day in July, before slipping to 655,000 b/d in August, the EIA says in a note. Imports from Venezuela started the year at 200,000 b/d and have risen most months. "Increased imports from Venezuela are supported by high crude oil demand from U.S. refineries because of high global refinery margins and the easing of U.S. government restrictions on purchases from the country," the agency says. Many Gulf coast refineries are configured to handle heavy sour grades such as Venezuela's. The U.S. is the biggest buyer of Venezuelan crude this year, replacing China which was the largest destination for the South American country's exports in 2025, the EIA adds. (anthony.harrup@wsj.com)

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Citi Sees Pullback in Corn, Soybeans as Chance to Buy -- Market Talk

1007 ET - Citi Research is bullish on agricultural commodities with recent losses in corn and soybeans offer buying opportunities as exports increase, while El Niño-related weather risks, including excessive rainfall, could intensify and Black Sea disruptions persist."While crop prospects have improved in some regions, we believe markets continue to underestimate the vulnerability of global balances to weather, trade, and input-cost shocks," Arkady Gevorkyan says in a note. For soybeans, biofuel demand, favorable EPA policy expectations and Chinese imports continue to underpin the market, he says. (anthony.harrup@wsj.com)

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Wheat Futures Retreat on Russia-Ukraine Deal Hopes -- Market Talk

0948 ET - Wheat futures are falling after President Trump said he expects an agreement could be reached soon to resolve the war between Russia and Ukraine that would involve more than Ukraine and possibly all of Europe. Following consolidation the prior week, prices are dropping to new lows on Trump's comments, Doug Bergman of RCM Alternatives says in a note. "The downside risk is not believed to be that large from here." Wheat is off 1.1% on CBOT. Corn edges up 0.1% and soybeans are off 0.2%. (anthony.harrup@wsj.com)

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Oil Futures Head for Hefty Weekly Losses -- Market Talk

0914 ET - Crude futures are on track for solid weekly losses on stepped-up diplomatic efforts to bring the U.S. and Iran back to the negotiating table and Democratic gains in the U.S. Congress. "The U.S. midterm election results reinforced the view that Washington had more incentive to seek a diplomatic solution, easing some concerns about supply disruptions, but so far this remains largely a market expectation," Linh Tran of XS.com says in a note. "Price movements show that crude oil remains sensitive to both hopes for peace and reports of new attacks." WTI is up 0.2% at $90.73 a barrel and Brent is off 0.1% at $98.23. (anthony.harrup@wsj.com)

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Palm Oil Futures End Lower, Weighed by Weaker Rival Oils -- Market Talk

1024 GMT - Palm oil futures extended declines to end lower, falling below 4,300 ringgit a ton. Sentiment was weighed by weaker soybean oil and crude oil prices alongside concerns about record-high Malaysian inventories, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Sentiment could remain cautious next week ahead of the Malaysian Palm Oil Board report, he adds. Ng expects crude palm oil futures to find support at around 4,250 ringgit a ton and face resistance at 4,400 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery ended 119 ringgit lower at 4,258 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Gold Falls But Remains on Track for Weekly Gains Ahead of Payrolls Data -- Market Talk

0847 GMT - Gold prices edge lower in early trading but remain on course for a weekly gain of more than 4%, as investors turn their attention to U.S. payrolls data due later on Friday. Futures in New York are down 0.8% to $4,078.10 an ounce. Saxo Bank analysts attribute the decline to broader risk aversion following the latest stock-market selloff--with investors typically covering losses by selling down gold positions--alongside profit-taking after commodity-trading advisers and hedge funds completed an initial wave of aggressive short covering. Still, lower Treasury yields and diminishing expectations of a Federal Reserve rate hike in December could provide underlying support for gold, partly offsetting renewed strength in the dollar, they say. The U.S. dollar index is up 0.3% to 101.89, making dollar-denominated gold more expensive for overseas buyers. (giulia.petroni@wsj.com)

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Gold-Linked Stocks Fall in Asia, Tracking Precious Metal -- Market Talk

0536 GMT - Gold-linked stocks fall in Asia, tracking the reversal in prices of the precious metal as oil swings back up. The AI rout is adding more pressure, forcing investors to liquidate positions to cover losses elsewhere. The deepening tech selloff warrants caution, OCBC strategists say. "The extent to which gold can hold up if equity weakness persists will be an important test," they write. U.S. employment data is in focus too, with figures that temper rate-hike expectations offering a tailwind for gold. In Australia, miners Newmont and Evolution fall about 2% each. Hong Kong-listed shares of Merdeka Gold tumble 13%, while Indonesia-listed shares drop 6.7%. Zijin Mining's H shares and A shares slide more than 5% each. Japan's Sumitomo Metal sheds 7.4%. Gold is 1.1% lower at $4,036/oz. (fabiana.negrinochoa@wsj.com)

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Palm Oil Falls on Higher Inventories, Slower Demand -- Market Talk

0247 GMT - Palm oil falls in Asian trading. Elevated inventories despite strong exports and fading seasonal demand are weighing on market sentiment, AmInvestment Bank says in a note. Consumption in Northern India is expected to ease during winter, while weaker Brent crude has narrowed palm oil's price discount to gasoil, reducing its appeal as a biofuel feedstock, it adds. AmInvestment Bank pegs support for crude palm oil futures at 4,300 ringgit a ton and resistance at 4,453 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery is 26 ringgit lower at 4,351 ringgit a ton. (yingxian.wong@wsj.com)

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Copper Falls on Weak Sentiment in Technology Stocks -- Market Talk

0224 GMT - Copper falls in early Asian trade, with its three-month LME contract 0.3% lower at $13,797.50 a ton. Weakness in technology stocks has weighed on sentiment in the copper market, ANZ Research writes in a note. Investors are concerned that demand may be negatively impacted by any slowdown in the data center buildout, ANZ says. However, there continue to be signs of tightness in the physical market in China given output cuts at Chinese smelters due to weak margins, ANZ adds. (kimberley.kao@wsj.com)

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Woodside Energy's Dividend Policy 'Significantly Improved' -- Market Talk

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November 06, 2026 12:04 ET (17:04 GMT)