ING
May 11, 2026
The Commodities Feed: Oil Surges as Peace Deal Hopes Fade
Commodities StrategyCommoditiesMacro Economic IndicatorsEnergyConsumer Staples
Oil prices rose as hopes for a US-Iran peace deal faded, while trade data revealed a 20% drop in China's April crude oil imports. Meanwhile, agricultural markets eye tomorrow's WASDE report with expectations for reduced corn stocks.
Key Takeaways
- 1.Oil prices jumped following the US rejection of a peace proposal from Iran, underscoring market sensitivity to Persian Gulf supply risks.
- 2.China's energy imports hit multi-year lows in April, with crude oil imports falling 20% YoY to 9.4m b/d.
- 3.The upcoming USDA WASDE report is expected to show a decline in US corn ending stocks due to lower planting intentions.
Table of Contents
- Energy- China's energy imports fall in April
- Agriculture– WASDE expectations
- Author
- Disclaimer
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Authors
Warren PattersonEwa Manthey
Securities
ICE BrentCBOT CornSoybeans
Themes
Geopolitical Supply RiskWeakening Chinese Demand
Regions
Asia PacificNorth AmericaMiddle EastChinaUnited StatesIran