Commodity markets opened Friday, May 15 2026, with sharp gains in energy prices. WTI crude futures rose 1.3,2.3% to settle around $102.53,$103.49 per barrel. Brent crude advanced 1.2,1.9% to $107.02,$107.68 per barrel.

The move higher came amid renewed fighting in the Middle East and fresh worries about supply disruptions through the Strait of Hormuz. Geopolitical factors, including the Iran,US standoff, are outweighing demand concerns and supporting expectations that prices will remain above $100 per barrel in coming weeks.

Gold: Modest Recovery

Spot gold traded near $4,619.68 per ounce, up about 0.7% on the day. June futures sat around $4,617.80. The market is consolidating in the $4,600,$4,700 range after a mild weekly pullback, with safe-haven buying offsetting pressure from higher oil prices and rising inflation expectations.

Agriculture: Stabilization After Sharp Declines

Grain markets posted modest gains following steep losses the previous session. July corn futures rose 0.4,0.8% to $4.69,$4.71 per bushel. Soybeans traded around $11.93,$11.97 per bushel, while July wheat futures hovered near $6.56,$6.57 per bushel.

Traders are focused on upcoming USDA reports, U.S. planting progress, and the impact of El Niño conditions on South American harvests. Markets are waiting for fresh data before committing to a clear directional move.

Bottom Line

Energy led the session, with oil receiving strong support from geopolitical tensions. Gold and agricultural commodities traded in a relatively stable range while awaiting further macro data. Market participants will continue monitoring developments in the Middle East and upcoming agricultural reports over the coming week.