Oil prices rose after reports of attacks on tankers off Iran and Houthi strikes on three sites in Saudi Arabia, including Riyadh's airport.
The reported strikes remain unconfirmed by independent sources, but the market reacted with higher prices on fears over oil supply from the Gulf region.
For beginners Threats to shipping or infrastructure around the Persian Gulf typically push oil prices higher because a large share of the world's oil flows through the region, and traders price in the risk of disruption.
Goldman Sachs says tight refinery capacity will keep diesel prices elevated through 2027.
The bank says high refining margins are needed to curb demand and rebuild inventories, as refineries struggle to meet demand.
For beginners The refining margin is the gap between the price of crude oil and finished fuel like diesel; when refining capacity is scarce, that margin widens, making fuel more expensive for end users even if crude prices stay stable.
Gold is falling as a stronger dollar and rising US Treasury yields offset reduced expectations for a Fed rate hike ahead of the minutes release.
Fading expectations for Fed tightening usually support gold, but a stronger dollar and rising Treasury yields neutralized that effect this time.
For beginners Gold pays no interest, so rising bond yields make it less attractive compared with interest-bearing assets, and a stronger dollar makes gold pricier for buyers holding other currencies.
Crude oil flows through the Strait of Hormuz have recovered to about 76% of prewar levels, but a diesel shortage persists.
GasBuddy analyst Patrick De Haan said Trump's red diesel order is unlikely to cut most pump prices.
For beginners The Strait of Hormuz is a key route for Middle East oil shipments, so disruptions or recoveries in flows through it directly affect global oil supply and fuel prices.
Gold prices steadied after last week's slide, as weak US jobs data eased expectations of a Fed rate hike.
The soft jobs figures gave markets reason to pare back bets on further Fed tightening.
For beginners Gold pays no interest, so its appeal rises when central-bank rate expectations fall, reducing the opportunity cost of holding it instead of yield-bearing assets.
The ANZ commodity index rose 0.6% in September, as an oil-price surge tied to the Middle East conflict lifted milk powder and aluminium.
Combined with a weaker New Zealand dollar, that lifts exporters' returns in local currency and improves the terms of trade, though higher import and freight costs add to domestic inflation.
For beginners Oil is a cost component in many goods — from fertilizer to shipping — so a jump in its price often pulls a wide range of commodities higher with it.
Yemen's Houthi movement claimed responsibility for a strike on a Saudi Aramco oil facility as fighting in Yemen intensifies.
Earlier reports already described smoke and fire near an Aramco site in Riyadh, highlighting rising tension around the region's energy infrastructure.
For beginners Attacks on oil infrastructure raise the risk of supply disruption, and oil markets price in such geopolitical risk because crude is a globally traded commodity sensitive to any threat to production or transport.
Witnesses reported smoke and fire near a Saudi Aramco facility in the Saudi capital amid escalating tensions with Yemen's Houthi movement.
Saudi Aramco is the world's largest oil company, and any incident near its infrastructure typically draws attention from the oil market.
For beginners Disruptions or threats to Saudi oil infrastructure can affect oil prices because the country remains one of the world's largest oil suppliers.
European leaders agreed on Friday to release some diesel stockpiles, pulling oil prices down by as much as 5%.
The move comes amid concerns about rising fuel prices, which threatened to hit consumers ahead of US midterm elections.
For beginners Releasing state reserves increases market supply and can temporarily push prices down: when governments sell fuel from strategic stockpiles, it offsets shortages and eases pressure on oil quotes.
Sources say Chinese authorities are demanding copper supply commitments from Anglo American and Teck Resources in exchange for approving their merger.
Details of the deal's conditions have not been disclosed.
For beginners Regulators in major commodity-consuming countries can attach conditions to mining mergers, since such deals can affect global supply of key metals like copper.
Oil prices climbed as the market loses patience with the prolonged US-Iran standoff, and US President Donald Trump said Washington could resume or intensify strikes on Iran after the midterm elections.
The conflict, which Trump said he originally expected to last four to six weeks, has dragged on for seven months and disrupted oil flows through the Strait of Hormuz, pushing energy prices higher. Trump also said the US has
For beginners The Strait of Hormuz is a key route for seaborne oil shipments, and any threat of disruption there leads traders to price in the risk of reduced supply.
US President Donald Trump announced a deal for South Korea to invest $200 billion in US nuclear power, LNG production and gas-fired generation.
The market effect is likely to be long-term rather than immediate, since building reactors takes years and the Alaska LNG project still needs binding financing. Still, the announcement underscores that energy and power generation remain a US policy priority.
For beginners Large cross-border investment deals in energy rarely move commodity prices right away — the effect unfolds gradually, over years of construction and the eventual start-up of new capacity.
Deutsche Bank says a copper supply crunch is coming and that prices may need to reach $10 per pound to fix the imbalance.
Further details of the bank's forecast were not disclosed.
For beginners When demand for a metal used in construction, electronics and green-tech expansion outpaces supply, the price needs to rise enough to either curb demand or draw in new production — a process economists call market-clearing.
The United States is offering up to 40 million barrels of oil from its Strategic Petroleum Reserve.
Further details of the offer were not disclosed.
For beginners A strategic petroleum reserve is a government stockpile of oil used to cushion supply disruptions or price spikes, and such releases can influence oil prices in the near term regardless of underlying demand.
Oil prices briefly fell after a report that US President Donald Trump supports a plan to trade the release of political prisoners for easing sanctions on Russia.
The plan, led by Trump envoy John Coale, is still at an early stage, but the mere prospect of easing sanctions raises the possibility of more Russian oil reaching global markets.
For beginners Sanctions limit how much oil a country can sell abroad, so even preliminary news about easing them quickly changes expectations about future supply and moves prices.
Oil prices swung after US President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz within seven days and did not rule out further strikes on Iran.
The US and Iran are set to hold separate talks with mediators on Monday or Tuesday to discuss an amended version of Iran's seven-day plan; oil had earlier jumped on a report that Iranian Foreign Minister Araghchi's stay in New York had not been extended.
For beginners The Strait of Hormuz is a key route for seaborne oil shipments, so any threat to its operation or escalation in the Middle East adds a geopolitical risk premium to oil prices.
Gold dropped below $4,200 an ounce during the Asia-Pacific session, giving up recent gains.
The move came as early gains in the Nikkei faded and Nasdaq futures slipped ahead of chipmaker Micron's earnings report, reflecting a more cautious mood across markets.
For beginners Gold is traditionally viewed as a safe-haven asset, so its price reacts to shifts in investor risk appetite and moves in the dollar.
Goldman Sachs estimates a US ban on diesel exports would cut domestic diesel prices by about 4% while raising costs in Europe.
The estimate shows how restricting energy exports can shift price pressure between regions that rely on the same fuel market.
For beginners When an exporting country restricts fuel shipments abroad, domestic supply rises and prices fall, while importing regions face tighter supply and higher prices — showing how one country's energy policy can ripple into others' markets.
