Commodities (Crude Oil & Copper) & Macro Outlook

Repsol's CEO stated that refining profits in 2026 will exceed $20 per barrel even if the Hormuz crisis is resolved tomorrow.

According to Jin10, Turkey's central bank held its benchmark interest rate unchanged on July 23, marking the fourth consecutive decision to maintain policy unchanged. The decision came amid escalating Middle East tensions that have pushed Brent crude oil above $98 per barrel, fueling inflation

According to TotalEnergies CEO, rising European natural gas prices have led the company to anticipate stronger-than-expected earnings in Q3. The executive noted that the uptick in gas prices creates conditions for the company to deliver better-than-forecast results in the third

According to trade sources, Qatar Energy has extended force majeure terms on LNG supply to some Asian buyers through mid-October and has chartered vessels to match the extended period.

Repsol CEO expects the Spanish energy company's daily production to reach 650,000 to 700,000 barrels of oil equivalent (BOE) by year-end, according to the executive's statement.

According to S&P Global Energy, war risk insurance premiums for tankers in the Strait of Hormuz surged from 1%-3% to 7.5%-10% on July 23 as repeated attacks discourage insurers from providing coverage. Only 10 vessels transited the strait on Tuesday, compared to over 130 daily before the Middle

The National Futures Association permanently barred Hardee Brothers LLC and its principal, Sidney Curtis Hardee, after alleging the New York commodity pool operator misled regulators about accepting outside investors, misappropriated nearly $110,000 of customer funds, and used pool assets for

The National Futures Association permanently barred Hardee Brothers LLC and its principal, Sidney Curtis Hardee, in January 2026 after alleging the commodity pool operator misled regulators about accepting outside investors and misappropriated nearly $110,000 of customer funds. The investigation

Market sources reported that South Korean energy company S-OIL canceled a diesel tender for approximately 300,000 barrels this week.

According to Jin10's analysis, President Trump's public statements about the Iran conflict from March through July have been contradicted by on-ground realities. Trump declared Iran's military "completely destroyed" and claimed the war would end within four to six weeks; however, the conflict has

According to traders citing discussions on July 23, at least two Asian crude buyers are negotiating with Saudi Aramco to reroute oil shipments away from the Red Sea following Houthi attacks on tankers. Refineries are exploring alternatives to using the Strait of Mandab, including acquiring crude fro

According to Guru Club, on July 23, Iran-backed Houthi forces claimed to have attacked two Saudi Arabian oil tankers in the Red Sea, escalating Middle East tensions and threatening regional supply disruptions. Brent crude futures approached the $100 per barrel mark amid the incident. The assault

According to Bitget data, WTI crude oil futures hit $90 per barrel on July 23, marking the first time since June 11. The contract rose 4.07% intraday.

Gate News: According to the latest Gate TradFi data, XTIUSD (WTI Crude USOIL) has surged by 4% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

According to Jin10, China Man Petroleum's stock surged with cumulative gains exceeding 20% on July 22-23, driven by operational impacts from Middle East geopolitical conflict. The company announced that 9 of its 14 drilling rig crews deployed in Iraq remain suspended due to the regional tensions,

International oil prices surged after Houthi rebels attacked a tanker in the Red Sea near Saudi Arabia, with Brent crude September futures rising 2% to $95.9 per barrel at 2pm local time on the London ICE Futures Exchange. The Iran-aligned Yemeni group claimed responsibility and had declared a

According to sources, Kazakhstan's Tengiz oil field production fell to 406,000 barrels per day on Wednesday, sharply down from the July monthly average of 925,000 barrels per day.

According to China National Petroleum Corporation, the company's combined oil and gas production reached 263.48 million barrels of oil equivalent in the first half of 2026, up 0.3% year-over-year. However, domestic refined oil sales fell to 79.00 million tons, down 9.2% compared to the same period l

According to sources, Kazakhstan's oil and gas condensate production dropped 21% to 1.63 million barrels per day on Wednesday, falling below the July average of 2.07 million barrels per day.

According to CoinDesk, WTI crude oil hit $88.60 per barrel on July 22, marking the highest level since June 11, as geopolitical tensions between the U.S. and Iran intensify. The rally has revived concerns about inflation resurgence, potentially limiting the Federal Reserve's room for interest rate c