US-Iran Deal Hopes Fading as Oil Prices Rally

Oil prices surged on Wednesday, driven by fading hopes for a US-Iran nuclear deal. ICE Brent settled at $82.20 per barrel, a 3.8% increase from the previous day.

The rally was also attributed to copper's continued strength, with LME prices trading above $14,000 per tonne amid increasing stockpiling in the US and tight physical conditions elsewhere.

Sugar cane crushing in Central-South Brazil reached 69.8 million tonnes in June, according to a report from UNICA.