U.S. strikes on Iran and the revocation of a licence allowing Iran to sell oil pushed crude up nearly 3% in early trade and lifted the U.S. dollar index to a one-week high. Markets raised the implied probability of a September Fed rate hike to 67% from 57%. Spot gold slid to a near one-week low of $4,100.32 per ounce, while silver, platinum and palladium also fell. China’s central bank reported its largest monthly increase in gold reserves in two and a half years in June, but it failed to offset near-term pressure on bullion prices.

IperionX has priced a public offering of 2,275,000 American Depositary Shares at $21.98 per ADS, for gross proceeds of about $50 million. The company said it plans to use the funds to expand its Titanium Manufacturing Campus in Virginia, advance the CamdenTitan Project in Tennessee, and for general corporate purposes. Cantor is acting as sole bookrunning manager, and the offering is expected to close on July 9, 2026.

S&P Dow Jones Indices said it has placed Indonesia and Turkey on a watchlist for a potential downgrade from emerging-market status to frontier-market status, citing market transparency and other structural issues. The move echoes a similar review by MSCI on Indonesia and comes as foreign outflows continue. Indonesia’s equity market is down more than 30% for the year so far, or 35% in dollar terms, and the watchlist action could prompt passive funds to rebalance.

The article says the U.S.-Iran understanding on shipping through the Strait of Hormuz is only a framework to negotiate a possible agreement by the end of August, with no substantive breakthrough. It adds that Iran is still seeking leverage over the passage, including “service fees” tied to safe transit. At the same time, global crude inventories outside China have fallen to multidecade lows, leaving little cushion against renewed disruption. Even as many in the market bet on third-quarter volume recovery and Brent sliding to $60 per barrel by year-end, low stocks make prices highly sensitive to any geopolitical reversal.

Global dairy prices fell 4.9% over the week, marking the biggest decline in two years, as output in major milk-producing regions rose sharply year on year, excluding China. Prices broadly weakened across whole milk powder (WMP), skim milk powder (SMP), anhydrous milk fat, butter and cheddar, with cheddar down more than 12.3%. Buttermilk powder and mozzarella posted modest gains, but the overall picture pointed to clear oversupply pressure. The move is set to feed directly into dairy commodity pricing as a tradable spot supply-demand shock.

BNG Investment LLC and Anubhav Agarwal have taken control of Sanginita Chemicals Ltd, ending up with 68% of the company’s voting equity through an open offer, preferential allotments and a share swap. The open offer drew limited participation, with 9,004 shares tendered and accepted, or 0.06% of the maximum offer size, while most of the stake came from earlier agreed transfers and two preferential allotment tranches. Sanginita Chemicals said control transferred on June 29, 2026, and it reclassified four promoters as public shareholders following the transaction.

ICE cotton futures extended gains, with Jul 26 nearing the 3-cent daily limit and several contracts rising as much as 299 points. Crude oil jumped $3.65 after Iran struck vessels in the Strait of Hormuz overnight, prompting the US to revoke waivers authorizing Iran oil exports. US cotton condition ratings slipped to 46% good/excellent, while May exports totaled 1.46 million bales and ICE certified stocks held at 185,034 bales.

U.S. wheat futures finished broadly higher on Tuesday, with leading CBOT, KCBT and MIAX contracts up 1 1/4 to 11 1/2 cents. NASS crop progress data showed winter wheat harvest running ahead of normal, while spring wheat conditions deteriorated notably in North Dakota, Idaho and Minnesota. Census monthly trade data showed May wheat exports of 1.609 MMT (59.13 mbu), down 26.7% from a year earlier and the lowest level this year.