Commodities (Crude Oil & Copper) & Macro Outlook

According to Ebury strategy head Matthew Ryan on September 2, headline inflation in the eurozone rose to 3.3% in August amid rising natural gas prices and escalating US-Iran tensions, making an ECB rate hike in September increasingly certain. Core inflation, however, fell to 2.4% in August

According to Saudi statements, Iran attacked the Saudi Sidr tanker in the Strait of Hormuz on September 2.

WTI crude and Brent crude each declined over 1% intraday today (September 2), with WTI trading at $88.48 per barrel and Brent at $93.44 per barrel.

Brent crude fell 0.5% during intraday trading on September 2, settling at $94.16 per barrel.

According to TASS, Russian Deputy Prime Minister Novak recently stated that Russian oil companies are taking all necessary measures to increase oil production as much as possible.

According to two sources, Russia's Kirishy refinery suspended oil processing on August 30 following a Ukrainian drone strike.

According to Bloomberg, Chevron reached an agreement with its Venezuelan joint venture partner to develop two oil fields in the Orinoco Belt, with over $7 billion in planned investment over five years.

According to Foshan Gold Control Futures report, the U.S. military attacked Iranian airports and coastal facilities including the strategic port of Assaluyeh on September 2. Iran claimed it retaliated by striking U.S. forces in Jordan with heavy missiles, causing casualties. The escalation has

Korean treasury yields rose across all maturities on September 2, driven by surging international oil prices and broad-based global interest rate increases. The 3-year treasury yield climbed 5.2 basis points to 3.930%, marking the highest level since July 24. Foreign investors intensified selling pr

UK and European government bonds extended losses on Wednesday as energy prices climbed, with UK 10-year gilt yields rising 6 basis points to their highest level since August 2007. German 10-year Bund yields increased 5 basis points to 3.39%, while European natural gas prices surged to their 2026 hig

According to Jin10, on Wednesday morning, September 2, European forward-year power contracts surged to a 43-month high, tracking a surge in natural gas prices following overnight U.S. and Iranian airstrikes. France's forward-year baseload electricity contract rose 6.2% to €78.25 per megawatt-hour, m

According to Ryanair's statement on Wednesday, Europe's largest airline cut winter capacity to reduce risk exposure amid unhedged jet fuel prices potentially reaching $140 per barrel. The carrier has locked in approximately 80% of its winter aviation fuel needs. Despite hedging measures, high fuel c

According to Iraqi energy officials, the country's oil exports surged in August, rising from approximately 1.35 million barrels per day in July to approximately 2.34 million barrels per day. The increase was driven by more oil tankers arriving at Iraq's export terminals and loading crude oil.

On September 2, 2026, global energy markets were once again jolted awake by the sound of artillery fire in the Middle East. The United States launched a new round of airstrikes on targets inside Iran, and Iran's Islamic Revolutionary Guard Corps immediately retaliated by shooting down a U.S. military drone and attacking a U.S. base in Jordan. This round of escalation directly pushed international oil prices to their highest level in five weeks. According to data from Gate 行情, as of September 2 B

According to reports, ACG Metals produced its first batch of copper concentrate from the Gediktepe mine in Turkey on September 2, marking the company's transition from precious metals and zinc production to copper production. The company targets annual output of 40,000 tons of copper and aims to

According to Jin10, Europe's stock market fell to one-month lows on Wednesday as global bond markets faced broad selloffs amid escalating Middle East tensions. The Stoxx Europe 600 index dropped 0.3% intraday, with the retail sector leading declines at 1.5%. Brent crude oil rose above $95 per

Gold prices fell 2.79% to 190,810 won per gram on September 2nd, marking the lowest level since August 5th when prices stood at 190,800 won per gram, according to Korea Exchange and Yonhap Infomax. The decline followed a surge in global interest rates triggered by renewed US-Iran military conflict a

According to Maeil Business Newspaper, South Korea's KOSPI and KOSDAQ indices fell sharply on September 2 amid surging international oil prices and growing expectations of U.S. Federal Reserve rate hikes. Samsung Electronics declined 4.02% to 250,500

According to the American Automobile Association (AAA), U.S. diesel prices rose to $5.688 per gallon on Tuesday, September 2, reaching the highest level since April. The price approaches the 2022 mid-year peak set amid global supply tensions. Rising diesel costs reflect ongoing geopolitical

According to AAA data, U.S. diesel prices rose to $5.688 per gallon on Tuesday, Sept 2, the highest level since April. The price remains just below the April peak and marks the highest level since mid-2022. Global supply tensions driven by Middle East conflicts and the Russia-Ukraine war have