Commodity

Get the latest commodity news covering gold, silver, oil, natural gas, copper, agricultural products, and other key raw materials. Track price movements, supply and demand dynamics, geopolitical risks, inflation trends, and market developments that influence global commodity markets and investor sentiment.
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Hormuz war risk pushes crude shipping costs sevenfold, squeezes refiners' margins: Goldman Sachs
Global crude oil freight rates are rising due to war-related risks in the Strait of Hormuz and increased ship-to-ship transfers. Goldman Sachs reports that shipping costs are significantly higher than they were a year ago. Asian refiners are particularly pressured, facing potential profit margin reductions as they may pass costs to consumers. The increased freight costs could lead to lower refined fuel output and rising global fuel prices.
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World shares retreat as report of damage to oil tankers pushes oil prices higher
World shares and U.S. futures have retreated after oil prices jumped more than 2%. European markets opened lower Thursday and benchmarks in Seoul and Hong Kong fell more than 3%. Tokyo's Nikkei 225 fell 2.7%. The price of Brent crude oil was hovering near $112 per barrel after Iran's state television reported that seven oil tankers caught fire after being targeted or striking naval mines in the Strait of Hormuz. On Wednesday, the S&P 500 added 0.6% and the Dow Jones Industrial Average added 0.7%
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