Commodities (Crude Oil & Copper) & Macro Outlook

Track prices and supply events for commodities such as crude oil and copper. Explore how energy costs and industrial cycles influence crypto mining, risk-on/risk-off sentiment, and global macro forecasts.
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Iran fired 15 missiles at the UAE, and the U.S. military sank 6 speedboats: first fighting after the Hormuz 4/8 ceasefire

On May 4, Iran fired 15 missiles and 4 drones at the UAE. The UAE air defenses intercepted them, and the Fujairah oil zone caught fire. Iran also targeted a UAE-affiliated tanker and a South Korean merchant ship; neither sank, but both had engine-room fires. U.S. forces used Apache and SH-60 aircraft to sink 6 Iranian speedboats and intercepted drones. This was the first direct clash since the 4/8 ceasefire, as both sides compete over the narrative of Hormuz and control. Oil prices are fluctuating, and OPEC+’s response is under observation.
ChainNewsAbmedia·05-05 00:15

Middle East tensions escalated, US stocks pulled back from their highs, and Bitcoin held steady around $80,000.

Middle East tensions escalated, pushing up oil prices, and US stocks pulled back from their recent highs; Bitcoin broke above $80k yesterday, topping out at $80,776. Open interest for Deribit’s $80k call options rose notably, indicating capital betting on price gains within the month. Spot ETFs saw net inflows of $630 million this week. The market remains optimistic about progress on stablecoin yield-related terms, along with developments tied to the CLARITY Act.
BTC-1.25%
ChainNewsAbmedia·05-04 23:53

Bitcoin Reverses From $80,594 High to $79,000 After Iran Missile Report; Oil Spikes 5%

According to Iran's Fars news agency, two missiles hit a U.S. warship today, triggering a sharp reversal in Bitcoin from its $80,594 high to around $79,000. Oil prices surged 5% on the report before the U.S. denied the claim. Ethereum, Solana, and Dogecoin declined sharply alongside the broader mark
BTC-1.25%
ETH-2.73%
SOL-0.81%
DOGE-1.74%
GateNews·05-04 13:09

U.S. Treasury Secretary Bessent: Global Oil Supply Will Be 'Very Well Supplied' Amid 8M–10M Barrel Daily Gap

According to U.S. Treasury Secretary Bessent on May 4, the United States controls the Strait of Hormuz, and global oil supply will be "very well supplied" despite current conflicts. Bessent stated the global oil deficit caused by ongoing conflict is approximately 8 million to 10 million barrels per
GateNews·05-04 10:09