Commodities: Oil Spikes With No U.S.-Iran Resolution In Sight
ING Economic and Financial Analysis
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2026-04-30
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via All Articles on Seeking Alpha
Summary
- The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf.
- For now, EU gas storage continues to tick higher, with it a little more than 32% full, while LNG send-outs remain at seasonally high levels.
- Copper held near recent highs, supported by pre-holiday restocking in China, which is offsetting macro and geopolitical uncertainty.
- In precious metals, gold edged lower, extending recent losses. Market attention remains on diplomatic efforts and US enforcement around Iranian ports.
IherPhoto/iStock via Getty Images
By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist
Energy – Reality sets in
The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in
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