Commodities & Forex
Follow the latest commodities and forex news, including updates on oil, gold, metals, agricultural products, major currency pairs and central bank drivers. edgeX News brings together market updates that help traders monitor price movements, macro forces and global supply-demand trends.
Oil Prices Swing as Iran Talks Meet Houthi Attacks on Saudi Arabia
Oil prices swung between gains and losses on Tuesday as traders weighed Middle East diplomacy against a fresh wave of attacks, with December Brent futures falling 0.8% to $114.93 a barrel and WTI dropping 0.9% to $100.90 after earlier gains. Senior officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran and agreed to continue talks on regional peace and security. Oman said discussions with Iran produced an outline to restore free navigation through the Strait of Hormuz, a key oil transit route. Houthi forces claimed strikes on Saudi Arabia's East-West pipeline and Riyadh airport, while analysts said the U.S. naval blockade has driven Iranian inflation near 90%, and the IEA does not expect a return to pre-war market conditions before 2027.
Gold (XAU) Has Lost About 25% Since the US-Iran War Began
Gold has fallen roughly 25% since the outbreak of war between the United States and Iran, with prices briefly touching $3,975 an ounce. The decline has occurred despite the metal's traditional safe-haven role during conflicts, as monetary policy has tightened: the Federal Reserve raised rates in September and markets assign roughly an 80% probability to another hike in December. Because gold yields no interest, higher real rates increase the opportunity cost of holding bullion. The upcoming December Fed meeting, where rate expectations will be confirmed or revised, stands as the immediate focal point for gold traders, with wartime haven demand proving insufficient to offset rate-driven pressure.
US Gas Prices Surpass Biden-Era Average Under Trump
U.S. gasoline prices have edged above the average recorded during President Joe Biden's term, with the national average now at $3.472 per gallon—just one-tenth of a cent higher than the $3.471 Biden-era average, according to a CryptoBriefing report. The increase has occurred during President Donald Trump's second term and is driven largely by Middle East geopolitical tensions that have disrupted oil shipments and raised costs. Because pump prices rank among the most visible everyday expenses for consumers, the trend may carry political consequences, potentially weakening Republican prospects in upcoming Senate races. Future price movement hinges on supply-side signals, including OPEC+ production decisions, ahead of the November 2 oil threshold market resolution.
Philippine Environment Department Denies Approving Mining in Sierra Madre Protected Areas
The Philippines' Department of Environment and Natural Resources (DENR) has dismissed as misleading a social media post claiming it authorized nickel mining within protected areas of the Sierra Madre. The post alleged that Mines and Geosciences Bureau Regional Office II Director Mario M. Ancheta permitted a nickel mining operation in Dinapigue, Isabela, inside the mountain range. According to the DENR, the circulating post distorted a 2025 headline to create the impression that the agency had approved mining inside protected zones. The department reiterated that operations remain outside the Northern Sierra Madre Natural Park and its buffer zone, and affirmed that no disruptive activities are occurring in protected sites. BusinessWorld has sought comment from Ancheta's office but has not yet received a reply.
Senate Democrats Move to Investigate Trump's Oil Profits as Gas Prices Rise
Senate Democrats have announced plans to examine President Donald Trump's financial gains from oil and gas investments as rising fuel costs burden American households. The move follows a report that Trump's energy-sector holdings have grown substantially, though the White House says the portfolio is managed independently without involvement from the president or his family. Any congressional inquiry would likely proceed through document requests and hearings over weeks or months. Prediction markets have shown a moderate reaction: a contract linking oil below $85 on November 2 with a Republican Senate win recorded a slight rise in YES shares, while overall confidence remains low amid uncertainty tied to the Iran war and Senate election outcomes.
Zamboanga Peninsula Seaweed Growers Receive P34.66 Million in Deep-Sea Nursery Materials
The Bureau of Fisheries and Aquatic Resources (BFAR) has distributed P34.66 million worth of deep-sea seaweed nursery sets to growers across the Zamboanga Peninsula as part of a national push to raise seaweed output. Twenty-nine sets, each costing about P1.2 million, were turned over in October to growers in Zamboanga Sibugay, Zamboanga City, and Zamboanga del Norte. The packages cover the full production cycle, from seedlings to post-harvest drying and packing. Agriculture Secretary Francisco P. Tiu Laurel, Jr. said higher output is needed to lift coastal incomes and expand the Philippines' share of the global carrageenan market. The initiative comes as national seaweed production fell 3.3% in the second quarter, against a 2% annual growth target set for 2022-2026 under the National Seaweed Industry Roadmap.
Monday Open Indicative Forex Prices, 26 October 2026: US Dollar Slightly Softer in Early Asia-Pacific Trade
Indicative forex prices at the start of Monday, 26 October 2026, showed the US dollar slightly softer as the Asia-Pacific week opened, according to early indications published by investingLive (ForexLive). The snapshot, posted by Eamonn Sheridan at 20:00 UTC on 25 October, quoted EUR/USD at 1.1226, USD/JPY at 156.89, GBP/USD at 1.337, USD/CHF at 0.8245, USD/CAD at 1.4027, AUD/USD at 0.7024 and NZD/USD at 0.5690, with seven major currencies standing stronger against the dollar. The report cautioned that thin early liquidity leaves such prints prone to swings, did not attribute the softer tone to any driver, and offered no forecasts. Follow-up weekend news coverage was promised.
Silver (XAG) Closes at $53.83, Its Weakest Finish of 2026
Silver (XAG) settled at $53.83 per troy ounce on Friday's close, marking its weakest finishing level of 2026, according to COINOTAG's market update. The weak finish came despite an import authorization covering roughly 6,500 metric tons of silver issued ahead of India's festive season, which reporting citing Reuters data says has eased the metal's shortage. However, the additional supply has not revived purchases, leaving availability and actual buying on diverging paths. As one of the world's largest silver consumers, India's seasonal demand makes it a key market to watch for whether the eased shortage translates into renewed buying during the period when consumption historically climbs.
US Gold Reserves Worth $1 Trillion at Market Rates—But Repricing the Hoard 'Would Backfire in a Big Way,' Analyst Says
Speculation is resurfacing that the U.S. Treasury could revalue its gold reserves at market prices as Washington faces a $2 trillion deficit, annual interest costs above $1 trillion, and Treasury yields at their highest levels in more than 20 years. The U.S. holds roughly 261.5 million ounces of gold—the world's largest reserve—carried on government books at just over $11 billion based on the congressionally set 1973 price of $42.22 per ounce, though it would be worth about $1 trillion at current prices near $4,000. Treasury Secretary Scott Bessent's recent remarks revived the debate, but the administration says repricing is not under serious consideration. Fidelity's Jurrien Timmer warned the move, which would require congressional approval, could backfire by weakening the dollar, stoking inflation, and raising the term premium.
Americas Market Wrap: War Concerns Lift Oil to Highest Level Since May
Crude oil rallied sharply on Friday as investors weighed the risk of US escalation against Iran, with WTI climbing $4.01 to $103.47 a barrel and Brent touching $117, its highest level since May. Speaking shortly before the close, President Donald Trump hinted at a possible 'little Epic Fury,' aligning with reports of a potential short-term bombing campaign against Iranian nuclear sites, while attention shifts to possible retaliation. The S&P 500 fell 0.5%, gold dropped $24 to $3,999, and 10-year Treasury yields rose 4.6 basis points to5.00%. Data was mixed: US consumer sentiment beat forecasts, the flash services PMI stayed in expansion, and the oil rig count edged higher.
