Key facts
- Copper prices are trading just above $14,000 a ton, nearing their all-time high.
- Gold is heading for a weekly loss of about 1.6%, trading around $4,465 per ounce.
- Oil inventories are projected to fall to their lowest levels since 2003 by December.
- OPEC crude output has fallen to its lowest level in decades.
- Southwest Airlines anticipates its Boeing 737 MAX 7 will enter service in 2027.
- Container shipping rates on the Asia-to-US route have surged 109% since the start of the Iran war.
- US commercial oil inventories are critically low.
- Farmers face rising fuel costs and dwindling fertilizer supplies due to the conflict.
- Millions face acute hunger due to the conflict's impact on food and fuel prices.
- Central banks purchased 244 tonnes of gold in Q1 2026.
- Soybean exports are up 5.6% year-to-date.
- Amazon Prime Day deals begin June 23 and run through June 26.
Global markets are navigating significant volatility stemming from the ongoing Middle East conflict, particularly U.S. strikes on Iran and their impact on oil trade, inflation, and monetary policy. Oil prices have seen volatile trading, initially rising on U.S. strikes but later falling on hopes for a U.S.-Iran deal and a ceasefire between Israel and Lebanon, which could lead to the reopening of the Strait of Hormuz. Despite these fluctuations, oil inventories are projected to fall to multi-decade lows, potentially under 2.3 billion barrels by December, the lowest since 2003, due to lost Middle Eastern output. OPEC crude output has also hit a multi-decade low, attributed to U.S. naval blockades on Iran and Persian Gulf disruptions.
Copper prices are nearing record highs, trading just above $14,000 a ton, with Goldman Sachs raising its end-2026 price target to $13,735/ton, citing a weaker supply outlook due to disruptions at major mining operations. Citigroup also raised copper forecasts. Gold and silver prices are facing downward pressure, with gold heading for a weekly loss and trading around $4,465 per ounce, influenced by higher interest rates, a stronger U.S. dollar, and easing crude oil prices amid ceasefire hopes. However, central banks purchased 244 tonnes of gold in Q1 2026, providing a structural floor.
In agriculture, grains are mixed, with corn, soybean, and wheat futures declining amid speculation that U.S. tariffs could prompt China to withdraw from a trade deal. Soybean exports, however, have increased week-over-week, with cumulative exports up 5.6% year-to-date, supported by energy price rebounds and Chinese demand. Farmers globally face rising fuel costs and dwindling fertilizer supplies due to the conflict's impact on the Strait of Hormuz, threatening crop yields and potentially increasing food prices, disproportionately affecting developing nations.
Southwest Airlines is planning a significant transformation, anticipating its Boeing 737 MAX 7 will enter service in 2027 following FAA certification. The airline is exploring airport lounges, trans-oceanic flights, and premium seating, and is considering Amazon's Leo satellite network for Wi-Fi. Meanwhile, the UN's World Food Programme warns that millions face acute hunger due to the conflict's fallout on food and fuel prices, with fragile economies in Somalia, Afghanistan, and Sri Lanka particularly affected.