Energy: Oil prices have retreated sharply following the announcement of an interim agreement between the United States and Iran. Crude prices have shed more than 20% in a month. Discussions between Washington and Tehran have sent signals viewed as positive by the market. The U.S. has granted a 60-day license allowing Iran to export oil. This measure temporarily lifts some constraints for buyers, expands outlets for Iranian crude, and accelerates the recovery of supply. The market is also monitoring the Strait of Hormuz, through which approximately 20% of global oil transits. Traffic there is gradually picking up, as several tankers have resumed their routes through this strategic zone. Iraq has also stated it is ready to progressively restart its oil fields. On the fundamental front, OPEC maintains a positive long-term outlook for demand. The organization forecasts global consumption of 105.1m barrels per day in 2025 and a projection of 113.3m in 2030, driven by Asia, the Middle East, Africa, and Latin America. As usual, this vision contrasts with that of the International Energy Agency, which anticipates a long-term decline in global demand.

Metals: Metals buckled under the weight of a more hawkish tone from the U.S. Federal Reserve. Gold fell significantly, penalized by a strengthening dollar and rising interest rate expectations in the United States. The yellow metal is trading around $4125 per ounce. The market is now pricing in a high probability of further rate hikes in the coming months, which reduces the appeal of non-yielding gold. Silver followed suit with a more pronounced correction. The white metal is down 4.5% today, approaching the $60 level. In the industrial metals market, LME copper fell by about 1% to $13650 last week. Here too, expectations of higher rates weighed on prices via a firmer dollar and higher financing costs. Investors are also monitoring Donald Trump's expected decision on potential tariffs targeting refined copper. Such a measure could alter trade flows, shift inventories, and widen price disparities between regions.

Agricultural Products: Grains attempted a rebound in Chicago after hitting multi-month lows, but the movement remains fragile. Wheat, corn, and soybeans remain under pressure, weighed down by a firm dollar, falling oil prices, and weather conditions deemed more favorable for U.S. crops. Wheat is trading around 603 cents (September 2026 contract), corn is trading around 418 cents, and soybeans are stabilizing at 1122 cents (July 2026 contract).