Energy leads the commodities rally, while agriculture and chemicals remain relatively muted.

📌 The latest move in commodities is being driven mainly by the energy shock, with WTI rising more than 3% to around $105 per barrel, Brent approaching $114, and natural gas also moving higher. Hormuz risk has put oil and gas at the center of market attention, helping lift broader commodity gauges such as the S&P GSCI Spot Index.
🌾 Agriculture has not shown the same level of momentum. Soybeans are slightly firmer thanks to the biofuel-demand link from higher oil prices, while wheat is only modestly supported by U.S. drought concerns. Corn remains relatively stable, suggesting capital has not rotated strongly into the broader agriculture complex.
⚗️ Chemicals and fertilizers are still holding elevated price levels due to LNG and energy-cost pressure, but daily movement remains limited. Industrial metals are also relatively quiet, showing that this is not yet a synchronized rally across all commodities.
⚠️ Over the next 24–48 hours, energy may continue to lead if Hormuz tensions persist. Any sign of de-escalation could trigger a quick pullback in oil and weaken the broader commodities rally.
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