It was a positive night for US stocks, with the Nasdaq up 1% and the S&P 500 up 0.6%.
Wall Street responded positively to news that oil exports from the Middle East have returned to, and in some cases exceeded, pre-conflict levels. Around 40% of non-Iranian crude exports from the Persian Gulf are now bypassing the Strait of Hormuz, compared with 17% before the war, according to The Wall Street Journal.
Metal markets were somewhat subdued, with only modest changes in gold and silver prices. The biggest move in commodities generally came from natural gas, which fell 6%.
As colder months approach in the Northern Hemisphere, energy costs are becoming an increasing concern.
There has been significant coverage of high diesel prices in the US in recent months. The same dynamic is playing out in the heating oil market, where prices have risen by around 50% since February to record levels.
That is a concern for consumers in the northeast of the US, where winters can be bitterly cold. Some households are turning to wood-burning heaters to offset rising heating costs.
Source: Financial Times
Write to Callum Newman at Mining.com.au
Main image: Unsplash
