Guavy Wire
Updated 04:40 UTC
Market news, commentary, and analysis curated and summarized by our AI editorial team.
Houthis Strike Saudi Oil Tankers, Sending Oil Prices Soaring Above $100
Houthi rebels in Yemen claimed responsibility for attacking two Saudi oil tankers, causing crude oil prices to surge above $100 per barrel. US strikes on Iran have escalated tensions over shipping routes, with President Trump warning of 'heavy strikes' if the Houthis attack again.
Pakistan PM Condemns Houthi Attack on Saudi Vessel in Call with Crown Prince
Pakistan's Prime Minister Shehbaz Sharif condemned the Houthi attack on a Saudi oil tanker in the Red Sea, reaffirming his country's support for Saudi Arabia's security. The incident has sparked tensions along one of the world's busiest shipping routes and prompted regional and international condemnation.
Kingsgate Consolidated Slumps as Gold Price Retreats
Kingsgate Consolidated (ASX:KCNC) fell 5.02% on July 24 due to a decline in the gold price, which was attributed to firmer oil prices and higher interest rates. The company's dependence on the Chatree Gold Mine makes it vulnerable to changes in the gold market.
Chennai Gold Price Dips by Rs 2,160 on July 24 Amid Significant Yearly Increase
The gold price in Chennai fell by Rs 2,160 per sovereign on July 24, bringing the current price to Rs 1,05,840 per sovereign and Rs 13,230 per gram. This marks a significant increase of 42.94% compared to last year's price. Silver prices have also decreased to Rs 240 per gram.
$100 Oil Prices Hit Consumers as Industries Feel the Pinch
Oil prices rose above $100 a barrel due to Middle East conflicts, potentially affecting industries like food production, shipping, and retail, with consumers facing higher costs for gasoline, groceries, and back-to-school items.
Brent Surges Past $100/Barrel Amid Ongoing Middle East Tensions
Oil prices have surged to $100 per barrel for the first time since May due to Middle East tensions, while gold fell as investors sought safe-haven assets amidst rising inflation concerns. Oil prices are expected to continue moving higher in the absence of de-escalation, potentially impacting global economic conditions.
Gold Price Slumps as Oil Surge Fuels Rate Hike Fears
Gold prices fell below $4,100 due to rising oil prices and rate hike fears, but still managed to post weekly gains. The metal's decline was limited by a weak US dollar, which made gold more attractive for overseas buyers.
Oil Price Surge Sends Gold and Silver Prices Down Amid US-Iran Tensions
Gold and silver prices in India's retail market declined on July 24 due to ongoing tensions between the US and Iran, while oil prices surged above $100 per barrel amid tanker attacks in the Red Sea.
Brent Crude Oil Price Soars 5% Amid Global Market Volatility
The Brent crude oil price jumped by 5% during intraday trading, reaching $94.69 per barrel, due to a combination of factors including tightening global supply and geopolitical volatility.
Oil Price Surge May Drag JCI to New Lows
The Jakarta Composite Index may decline further after oil prices surge, with analysts warning that a break below 6,280 could test the next support range of 6,200-6,250. The rise in oil prices has also weighed on Wall Street indices overnight, which closed lower due to rising oil prices and sell-off in artificial intelligence-related stocks.
Grupo Mexico Posts Record Q2 Revenue on Strong Copper Prices
Grupo Mexico reported a 33.8% increase in Q2 2026 revenue to US$11.28 billion, driven by higher copper prices and increased sales from its Mining segment. Copper output declined 3.2% due to reduced ore quality at Peruvian sites.
Global Metals Prices Plummet Amid Escalating Iran Conflict and Strong Labor Market
Metals prices declined broadly on July 24 as base metals and precious metals fell across the board. The US labor market remains stable, but the Federal Reserve may hike interest rates soon due to rising oil prices and high inflation.