Global Tensions Fail to Spark Major Moves in Commodities

Commodities markets were relatively quiet on Monday despite global tensions rising between the US and Iran, and Russia's warning of 'massive strikes' on Ukraine's energy sites.

Energies rallied overnight, with WTI crude oil (CLV26) up $3.18 (3.8%) and Brent crude adding as much as $3.34 (also 3.8%). Diesel fuel gained 9.25 cents (2.1%) to start the week.

However, metals were mostly lower, with gold (GCZ26) down $36.00 (0.8%) at this writing after falling as much as $84.30 (1.9%) overnight.

The decline in gold prices may be tied to Fed Chairman Warsh's economic comments from Jackson Hole last Friday, which were initially seen as hawkish but some financial media sites spun as dovish over the weekend.