Commodity Watch — 2026-09-28
Brent crude surged to $106.89, up 2.46% on the session, while gold fell below $4,200 and silver slipped near $61.5 as rising U.S. yields and a stronger dollar weigh on precious metals. Copper found support amid divergent moves across the complex, and the Middle East conflict continues to drive an elevated energy-risk premium. Market sentiment remains cautiously bullish on energy but defensive on metals.
Commodity Watch — 2026-09-28
Today's Price Snapshot
| Commodity | Price | Change | Trend |
|---|---|---|---|
| WTI Crude Oil | under pressure | softening | down |
| Brent Crude | $107 | +2.46% | up |
| Natural Gas | supported | — | up |
| Gold | below $4,200 | slipping | down |
| Silver | ~$61.5 | slipping | down |
| Copper | ~6.85 ¢/lb (pivot 6.8497) | — | up |
| Wheat | ~720.5 (front-month pivot) | — | steady |
| Corn | no fresh data | — | — |
Note: The TradingEconomics commodities page was viewed but did not fully render its dynamic price table; only Brent's quote above is directly verified.
Top Stories
Brent Rallies 2.46% to $106.89 as Middle East Conflict Keeps Risk Premium Elevated
Brent crude rose to $106.89/barrel on September 28, 2026, up 2.46% from the previous day. The contract is now up 18.12% over the past month and 59.32% year-on-year, reflecting the severe supply shock from the war in the Middle East.
Gold Hits Seven-Week Low Below $4,200 as Hike Bets Bite
Gold has fallen below $4,200/oz, hitting a seven-week low as rising expectations of interest-rate hikes and multi-year-high U.S. yields erase earlier safe-haven bounces. Silver traded near $61.5/oz alongside the gold retreat, while the strengthening dollar adds further headwinds for precious metals.
Copper Rises as Oil and Precious Metals Retreat
Commodities moved in different directions last week as shifting supply risks and rate expectations reshaped the market: copper and natural gas found support while gold, lithium and Brent crude retreated. Copper futures show a daily pivot at 6.8497 ¢/lb with a support/resistance range of 6.6269–7.0589.
Energy Markets
Brent's push to $106.89 with a 59% year-on-year gain underscores the size of the geopolitical risk premium embedded in energy prices. The divergence between benchmarks is notable: Brent is holding steady on supply-disruption fears tied to the Middle East war (with reports of tensions around the Strait of Hormuz), while WTI is under pressure from rising inventories and softer U.S. demand.
Fundamentals remain tightening-oriented: the EIA estimates global oil inventories fell by 3.9 million b/d in 2Q26 and forecasts draws of 3.0 million b/d in 3Q26 and 1.7 million b/d in 4Q26 — a trajectory consistent with sustained elevated prices. Natural gas has found support in recent sessions alongside copper as rate expectations shift.
Precious Metals & Industrial
Gold's slide below $4,200 to a seven-week low marks a sharp repricing: a Friday bounce on a softer dollar and safe-haven bids (which benefited Latin American producers like Mexico and Peru) was quickly erased Monday as bets on further rate hikes and rising yields returned. With silver near $61.5, the complex is being driven virtually entirely by monetary policy rather than geopolitical hedging demand.
Copper, by contrast, is catching a bid — last week's standout gainer as supply risks and industrial demand expectations overshadowed rate fears. Technical levels from Friday's session suggest near-term resistance around 7.06 ¢/lb and support near 6.63 ¢/lb, with price consolidating above the daily pivot.
Agriculture
Front-month U.S. wheat shows a daily pivot at 720.5, indicating a consolidating market. No fresh 24-hour catalysts for wheat, corn, or soybeans were found in this reporting window; grain markets appear to be taking a back seat to energy volatility this week.
What to Watch
- This week's U.S. economic data releases flagged in the daily commodity update — a key driver for gold and rate-sensitive metals
- Middle East / Strait of Hormuz developments, the key factor keeping Brent steady while WTI lags
- U.S. crude inventory builds that have pressured WTI — watch whether the divergence with Brent widens
- Rate-hike expectations and U.S. yields near multi-year highs, currently the dominant force for gold and silver
- Whether copper's momentum above its 6.85 ¢/lb pivot can extend this week
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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