Commodities: Persian Gulf Disruptions Hitting Upstream Oil Production

ING Economic and Financial Analysis5.22K FollowersFollow5ShareSavePlay(11min)CommentsSummaryOil prices surged above US$85/bbl yesterday, reaching their highest level since July 2024, amid growing concerns over oil flows through the Strait of Hormuz.The gas market continues to strengthen. TTF settled almost 22% higher yesterday, leaving front-month futures a little over EUR54/MWh.Gold and silver sold off sharply in Tuesday’s afternoon trading, reversing earlier haven-driven gains as a stronger US dollar and higher yields reasserted themselves.The prompt white sugar premium surged to $107/t yesterday, the highest level since 30 September, amid rising concerns about refined sugar supply amid the Iran conflict. Bet_Noire/iStock via Getty Images By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist Energy: Asian LNG prices surge further Oil prices surged above US$85/bbl yesterday, reaching their highest level since July 2024, amid growing concerns over oil flowsThis article was written byING Economic and Financial Analysis5.22K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.