Amid geopolitical swings and shifting macro expectations, global commodities diverged in late July 2026: energy markets saw a sharp correction, base metals turned more cautious, and precious metals showed stronger resilience. Below is a snapshot of key levels and drivers across energy, base metals, and precious metals.
1. Energy: crude retreats from highs into a “pause”
After a sustained rally, crude fell sharply as markets reassessed supply risk and geopolitics. Brent settled near USD 97/bbl, down about 4% on Friday—the steepest one-day drop since late June—with the September contract closing at USD 96.78/bbl (-3.9%). WTI settled at USD 89.31/bbl (-3.1%).
Key drivers include digestion of U.S.–Iran negotiation headlines, with related military decisions still unclear; and shipping resilience—despite Red Sea risks, tankers continue via the Suez Canal, alternative pipelines, and capacity adjustments, easing fears of lasting supply disruption. Analysts see oil entering a softer patch after the rapid run-up, with a near-term “breather” likely.
2. Base metals: mixed closes, cautious mood
Escalating Middle East tensions and worries over global economic turbulence weighed on optimism. LME closes were mixed: copper USD 13,645/t (+0.4%), with markets watching potential import-tariff moves; nickel USD 17,379/t (+0.9%); tin about USD 53,781/t (+0.9%); aluminium USD 3,159.5/t (-0.9%); lead USD 1,887/t (-0.3%); zinc USD 3,592/t (+0.2%). Red Sea shipping risks pushed investors toward more defensive positioning.
3. Precious metals: gold holds key levels, safe-haven bid intact
Even as softer energy prices revived rate concerns, gold stayed resilient. Spot gold was at USD 4,052.79/oz (+0.1%), holding above the USD 4,000 threshold and up about 1% on the week; spot silver was at USD 58.1748/oz (+1%). Markets generally expect limited near-term Fed impact on gold, with safe-haven demand remaining the main support for elevated prices.