Commodity markets are trading mixed this morning, with crude oil continuing to soften on supply normalization following the U.S.-Iran interim peace agreement, while gold extends its multi-week pullback. Agricultural commodities show a slightly negative bias.

All prices reflect futures and spot data as of early European/morning hours. U.S. markets are scheduled to open at 9:30 AM ET (13:30 UTC).

Oil: Iran Deal and Weak Demand Weigh

WTI crude futures are hovering around $70 per barrel after closing Friday at $69.23. Brent is trading near $73.3, down roughly 40% from the wartime peaks reached earlier in 2026 during the Iran conflict.

The U.S.-Iran interim peace deal, finalized in recent weeks, reopened the Strait of Hormuz to commercial shipping and restored supply flows that had been disrupted. At the same time, OPEC's June 2026 Monthly Oil Market Report cut its global demand growth forecast for a second consecutive month, to 970,000 barrels per day versus the prior estimate of 1.17 million bpd. The cartel cited the conflict's impact on economic activity and weaker non-OECD demand.

Additional pressure stems from rising supply in the Western Hemisphere, notably from the U.S. and Guyana. Some analysts project WTI could test the $40 range over the longer term if current oversupply and demand weakness persist.

Gold: Pulling Back From Historic Highs

Gold continues to slide, trading around $4,060 per troy ounce, down about 0.5% from Friday's close and roughly 25% below the all-time high above $5,500 set earlier this year.

The decline reflects a combination of stubborn inflation (May CPI at 4.2% YoY, the highest since 2023) and a higher-for-longer interest rate stance from the Federal Reserve, which erodes the appeal of non-yielding assets. Gold has lost approximately 9% this month alone.

Silver is also weaker, trading near $58.50/oz, tracking gold's negative momentum in the precious metals complex.

Industrial Metals and Energy

Copper is trading around $6.15/lb, showing relatively low volatility. Natural gas is steady near $3.30/MMBtu, edging slightly higher from Friday on forecasts for an above-average summer heat season that could boost cooling demand.

Agricultural Commodities

Grain markets are trading modestly lower: wheat at $5.77/bushel, corn at $4.07/bushel, and soybeans at $11.22/bushel. The moves reflect seasonal pressure and subdued global demand as the market shifts its focus to upcoming USDA reports on crop conditions and yield estimates.

The Bottom Line

The commodity complex is navigating two dominant narratives this morning: oil supply normalization following the Iran peace deal, and precious metals weakness tied to a macro backdrop of sticky inflation and elevated rates. Traders are watching the afternoon U.S. open for clearer directional signals into the rest of the session.