ING Commodities Daily: Oil Resilient to Iran Sanctions, EU Gas Surges on Storage Deficit

Oil prices held lower as markets dismissed new US sanctions efforts against Iran, while European natural gas prices surged on storage concerns. Copper gained on tight LME inventories, and corn rallied due to reduced US and EU harvest estimates.

Key Takeaways

• 1.Oil markets remained largely unfazed by US sanctions threats on Iran, while European gas prices surged past EUR68/MWh due to low storage levels ahead of winter.
• 2.Copper prices are supported by fresh LME warehouse warrant cancellations (up 51.4kt) and US-bound flows, despite high prices damping Chinese buying.
• 3.Corn prices are rallying on lowered yield projections from both the US Pro Farmer crop tour and the EU MARS report.

Table of Contents

• Energy – EU gas prices continue to move higher
• Metals – Copper supported by fresh LME inventory drawdowns
• Agriculture – Corn rises on lower yield expectations
• Author
• Disclaimer

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Reports in this series

The Commodities Feed is shown in chronological order through this edition, published on August 25, 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
17. Aug 17ING Think the commodities feed oil near 90 on escalating middle east risks

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