ING Commodities Feed: Oil Nears $90 on Middle East Risks as Copper Reaches Record High

Crude oil is holding near $90/bbl as Middle East geopolitical risks and vessel attacks in the Strait of Hormuz threaten supply flows. Concurrently, LME copper surged to a record high of $14,396/t amid acute supply tightness and declining warehouse inventories.

Key Takeaways

• 1.ICE Brent traded just below $90/bbl, supported by Middle East tensions in Lebanon and attacks on vessels in the Strait of Hormuz.
• 2.LME copper hit a record high of $14,396/t on acute near-term supply tightness and falling exchange inventories.
• 3.Ukraine grain exports remain severely constrained by Black Sea corridor closures, while Russian grain sales continue to increase.

Table of Contents

• Energy - Brent near $90/bbl on supply risks
• Metals – Copper rally extends on supply tightness
• Agriculture – Black Sea disruptions hit Ukraine grain exports
• Author
• Disclaimer

Report data

ICE Brent prices remain supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz

Reports in this series

The Commodities Feed is shown in chronological order through this edition, published on August 17, 2026.

Part of the The Commodities Feed series — view all 23 editions

Looking for the latest edition? ING Think the commodities feed tanker attacks see oil edge higher070926 (Sep 7, 2026)

1. May 19ING-Think-the-commodities-feed-us-extends-russian-oil-waiver190526
2. May 22ING-Think-the-commodities-feed-lingering-uncertainty-sees-oil-prices-oscillating220526
3. May 29ING-Think-the-commodities-feed-ceasefire-optimism-weighs-on-energy-markets290526
4. Jun 2ING-Think-the-commodities-feed-mixed-messages-leaves-oil-see-sawing020626
5. Jun 4ING-Think-the-commodities-feed-oils-deflating-inventory-a
6. Jun 5ING-Think-the-commodities-feed-oil-falls-despite-little-sign-of-progress-in-us-iran-talks050626
7. Jun 10ING-Think-the-commodities-feed-middle-east-re-escalation-sees-oil-recover100626
8. Jun 11ING-Think-the-commodities-feed-oil-moves-higher-on-the-latest-escalation110626
9. Jun 12ING-Think-the-commodities-feed-oil-falls-as-trump-signals-deal-with-iran-is-close120626
10. Jun 15ING-Think-the-commodities-feed-us-iran-peace-deal
11. Jun 22ING-Think-the-commodities-feed-oil-moves-higher-with-shaky-start-to-ceasefire220626
12. Jun 23ING-Think-the-commodities-feed-oil-sells-off-as-the-us-eases-sanctions-on-iran230626
13. Jun 24ING-Think-the-commodities-feed-hormuz-recovery-continues-to-weigh-on-oil240626
14. Jun 29ING-Think-the-commodities-feed-oil-market-shrugs-off-persian-gulf-escalation290626
15. Jul 3ING-Think-the-commodities-feed-oil-under-pressure-as-middle-east-flows-continue-to-recover030726
16. Jul 13ING-Think-the-commodities-feed-the-battle-of-hormuz-lifts-oil-prices130726

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