Oil Surges Past $91/bbl on Geopolitical Tensions and Supply Worries

Oil prices have continued their upward trend, reaching a high of $91/bbl on the ICE Brent market. This marks the third consecutive session of gains for crude oil futures. The recent surge in prices can be attributed to rising geopolitical risks and supply concerns.

The September-December coffee spread has also widened to a record US¢27/lb backwardation for 2026 contracts, as traders rush to cover short positions ahead of the September expiry. This is causing a significant increase in demand for coffee futures.

Gold prices have also seen an uptick, with prices holding above $4,400/oz after rebounding sharply from July lows near $3,900/oz. The metal has been supported by its traditional safe-haven status, as investors seek to mitigate potential losses in other asset classes.