Commodity markets were mixed on August 17, 2026, as geopolitical tensions, a weaker U.S. dollar and changing interest-rate expectations shaped trading. Oil and several major metals moved higher, while natural gas and selected industrial metals declined. Equity-index futures also pointed to a subdued start, reflecting a cautious broader market backdrop.
In oil and gas, WTI rose 0.1% to $82.44 per barrel and Brent gained 0.4% to $88.89 as U.S.–Iran peace talks showed little progress and shipping activity through the Strait of Hormuz slowed sharply. Only five vessels reportedly passed through the strait on Saturday and none on Sunday, compared with 31 during the previous weekend. Additional vessel attacks and the expiration of the U.S.–Iran memorandum of understanding reinforced supply concerns, although continued Middle Eastern exports and modest Chinese inventory additions helped contain price gains. Refined products were firmer, with ULSD rising 0.9% and RBOB gaining 0.1%. Natural gas fell 2.8% to $2.66 amid robust U.S. production and comfortable inventories, despite warmer forecasts across much of the country. European gas prices edged higher as storage remained near a 17-year seasonal low, increasing concerns about winter supply and competition with Asia for LNG.
Metals and mining markets were broadly stronger. Gold advanced 0.4% to $4,456.80 per ounce as the probability of a September rate increase declined and the U.S. dollar weakened. Silver climbed 1.2%, while copper gained 1.1% to $6.687 per pound as shrinking London Metal Exchange inventories intensified competition for available supply. Zinc led the complex with a 1.8% increase, although aluminum and nickel fell 1.0% and 0.7%, respectively. Mining equities outperformed, with the VanEck Gold Miners and Junior Gold Miners ETFs rising 1.5% and 1.9%. Company developments were also constructive, including new commercial production, favorable permitting decisions and encouraging drilling results across several precious- and base-metals projects.
Overall, commodities began the week with a cautiously positive tone. Geopolitical risks continue to support oil and precious metals, while tight inventories are strengthening the outlook for copper. However, sustained crude-export activity and ample U.S. natural-gas supply are limiting broader gains, leaving markets sensitive to developments in the Strait of Hormuz, upcoming inventory reports and changes in monetary-policy expectations.
