{
  "id": 4619875,
  "title": "The Commodities Feed: Oil rallies on fresh Persian Gulf strikes",
  "url": "https://urgent.news/2026/08/31/the-commodities-feed-oil-rallies-on-fresh-persian-gulf-strikes",
  "topic": "world",
  "section": "World",
  "published": "2026-08-31T10:00:35.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/the-commodities-feed-oil-rallies-on-fresh-persian-gulf-strikes/"
  },
  "original_language": "en",
  "account": "Oil prices began the week higher following the first US-Iran military strikes in a month. The US conducted strikes against Iranian launchers, while Iran retaliated by firing missiles toward a US base in Jordan, which were intercepted. This situation underscores worries about a protracted standoff between the parties, potentially disrupting energy flows from the Persian Gulf. It remains to be seen if this triggers additional rounds of strikes, and whether it leaves shippers wary of navigating the Strait of Hormuz.\n\nReports indicate that oil producers in the region have grown more confident in shipping crude through the Strait of Hormuz over recent weeks, with 6-8 million barrels per day (b/d) transiting the chokepoint. However, an average of 5 million b/d is assumed. Should further escalation occur, these flows could face renewed pressure. The latest positioning data shows that speculators reduced their net long position in ICE Brent by 28,299 lots to 223,598 lots, driven mainly by longs liquidating. This data reflects a period of market optimism about resumed US-Iran talks and increasing oil flows from the Persian Gulf.\n\nMeanwhile, Russia extended its diesel export ban by another month until the end of September 2026. This move adds to supply stress in the global diesel market, exacerbated by Persian Gulf disruptions and Russia's own energy infrastructure attacks. European gas prices also rose following the weekend's Persian Gulf strikes, signaling that the Northern Hemisphere may enter the 2026/27 winter with tight LNG supplies. QatarEnergy reportedly extended its force majeure for some buyers until early November, indicating a growing likelihood of a winter without Qatari LNG supply. Tight supply heading into the heating season leaves the market vulnerable to future price spikes.\n\nIn metals, gold declined as Federal Reserve Chair Kevin Warsh signaled that policymakers remain focused on returning inflation to the 2% target. This dampens expectations for an imminent easing in monetary policy, supporting the US dollar and weighing on gold prices. Warsh's comments reinforced a higher-for-longer rates outlook, which typically pressures non-yielding assets like gold. Gold's sensitivity to incoming US inflation and labor market data remains a key factor. While central bank buying and geopolitical risks should provide underlying support, a stronger dollar and higher-for-longer rate expectations may limit near-term upside momentum.",
  "summary": "Energy – Russia extends diesel export ban Oil prices started the week stronger following the first military strikes between the US and Iran in a month. ICE Brent briefly moved back above US$90/bbl in early morning Asia trading. The US struck Iranian launchers over the weekend amid suggestions that Iran was about to launch mines ...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}