Crude oil benchmarks are trading lower as the market weighs renewed prospects for peace talks between the United States and Iran. WTI and Brent initially moved higher overnight after Tehran suggested that the ceasefire had effectively collapsed, but prices reversed after Iran’s foreign ministry indicated that negotiations could resume if consistent with the country’s national interests. Reports that Qatar proposed a 10-day ceasefire and the reopening of the Strait of Hormuz added further selling pressure. The WTI August contract expires tomorrow, while September WTI is trading near $80.24. The September Brent-WTI spread has widened to approximately $6.75 per barrel, which could make U.S. crude more competitive in international markets. The Dollar Index is little changed at 100.58.
Geopolitical and supply risks remain elevated. The United States continued attacking Iranian positions for a ninth consecutive day, while Iran targeted neighboring countries, including Bahrain and Kuwait. A vessel was struck and caught fire off Oman, and only four ships reportedly passed through the Strait of Hormuz on Sunday, down from eight on Saturday. Ukrainian drones also struck three Russian oil depots, while the Caspian Pipeline Consortium suspended crude loadings again following an attack on a tanker. In the United States, a tropical depression off Florida is expected to strengthen into a tropical storm and could temporarily disrupt offshore production, although it is not currently forecast to become a hurricane. Alberta’s active wildfire count declined to 13 from 19 on Friday, while the U.S. frac spread count fell by four to 196.
Chinese energy data pointed to weaker crude demand and reduced refined-product exports. China’s June crude imports from Russia declined 1% from a year earlier to 2.02 million barrels per day, while overall June crude imports reportedly fell 41.3% to their lowest level in nearly a decade. Imports from Malaysia, a major transshipment hub for sanctioned Iranian oil, dropped 81%. Refined-product exports to destinations outside Hong Kong and Macau fell 64% year over year, although they increased 11% from May.
Natural gas declined 2.1% to $2.85 as strong domestic production offset forecasts for above-normal temperatures across most of the United States. Dry-gas production approached 111.3 Bcf per day, while LNG feed-gas demand was estimated at 17.02 Bcf. European TTF gas gained 0.5%, with storage at 53.4% of capacity—22.3% below the five-year average—while Asian spot LNG prices rose 1% last week to approximately $20.20 per MMBtu.
Metals Daily update: Following last week’s lower close, futures signal a higher start this morning with the S&P +0.6% and the Dow +0.4% thus far in the pre-market.
Gold prices are moving higher as investors track developments in the Middle East and consider whether elevated oil prices could intensify inflationary pressures and increase the likelihood of additional interest-rate hikes later this year.
Silver, meanwhile, continues to face near-term headwinds from geopolitical uncertainty, higher opportunity costs and a resilient U.S. dollar. UBS expects these pressures to be temporary and sees the potential for silver to recover above $65 per ounce next year. In the industrial-metals market, China’s rare-earth magnet exports to the United States remain below pre-trade-war levels despite last year’s trade truce. First-half shipments were approximately 20% below the average recorded between 2022 and 2024.
In precious-metals company news, Caledonia Mining reported second-quarter 2026 gold production of 17,360 ounces at its Blanket Mine in Zimbabwe, an 18% increase from the first quarter due primarily to access to higher-grade mining areas. The company maintained its full-year production guidance of 72,000 to 76,500 ounces.
Seabridge Gold entered into an unsecured short-term loan agreement with a strategic investor for up to $100 million. The facility may be drawn in minimum increments of $10 million, carries a 7% interest rate compounded monthly and matures on December 31, 2026. Seabridge may repay the loan in cash or, under certain circumstances and subject to Toronto Stock Exchange approval, in common shares if a balance remains outstanding at maturity.
Orezone Gold resumed operations at its Casa Berardi mine in Quebec on July 17 following a voluntary suspension prompted by nearby wildfire activity. The company also reaffirmed its 2026 production guidance of 62,000 to 67,000 ounces from the mine.
Cerrado Gold purchased Sprott’s remaining streaming interests in the producing Minera Don Nicolás mine in Argentina and the Lagoa Salgada project in Portugal for approximately $31.34 million. The consideration includes an upfront payment of about $11.34 million and $20 million in deferred payments. The transaction increases shareholders’ exposure to potential exploration and development gains across both assets.
- Oil & Gas:
- Pricing
- WTI (1.8%) to $80.91 (Aug)
- Brent (1.2%) to $87.06 (Sept)
- Natural gas (2.1%) to $2.850 (Aug)
- RBOB (1.1%) to $3.355 (Aug)
- ULSD (1.1%) to $4.019 (Aug)
- Pricing
- Metals Snapshot:
- Gold +0.43% to $4036.1/oz, Monthly (7.88)%, YTD (7.03)%:
- Silver +2.08% to $57.5/oz, Monthly (18.75)%, YTD (18.56)%:
- Copper +1.09% to $6.333/lb, Monthly (2.47)%, YTD +11.46%:
- Aluminum (0.5)% to $3154/mt, Monthly +0%, YTD +0%:
- Nickel (2.48)% to $16725/mt, Monthly +0%, YTD +0%:
- Zinc (1.17)% to $3549/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF +0.70% to $71.82, Monthly (15.46)%, YTD (16.85)%:
- VanEck Junior Gold Miners ETF +1.02% to $93.14, Monthly (16.02)%, YTD (18.97)%:
- US Dollar (0)% to $100.761, Monthly +0.67%, YTD +2.48%:
- CBOE Volatility Index (3.58)% to $18.61, Monthly (3.35)%, YTD +12.57%:
