Commodities Wrap 7 September: Brent Settles at 97.31 Dollars as the US and Iran Trade Strikes

By The Edge Research Team

Brent crude settled at 97.31 dollars a barrel on Monday, up 1.03 dollars or 1.1 percent, after the United States and Iran traded strikes on tankers and warships over the weekend and Tehran said it would target energy infrastructure across the region if its assets were hit again, per Reuters. The contract touched 98.06 dollars intraday, its highest since 24 July and a 6-week high, and settled about an hour early because of the Labor Day holiday in the United States. Trading elsewhere was thin or absent: CME Group derived no settlement prices for its NYMEX, COMEX and CBOT contracts on Monday, per its own holiday notice, and the ICE softs did not open. Diesel led what did trade, with ULSD heating oil up 3.11 percent, and on the currency board the yen strengthened 1.22 percent against the dollar to 154.33 at our 19:25 GMT capture after the dollar fell as low as 154.05, its weakest since February.

Brent settles early, WTI trades without a settlement

Brent’s 1.1 percent gain follows a rise of about 8 percent last week, per the same report, which counts an average of 10 commodity ships a day through the Strait of Hormuz over the past 10 days, the lowest since May, per data from the analytics firm Kpler cited there. Saudi Aramco’s Jazan refinery was attacked on Monday and damage was being assessed, according to a Financial Times report carried in the same reporting, and UAE presidential adviser Anwar Gargash said the country is building alternative routes so that its energy exports are not held hostage to the conflict, per the same report. On Sunday, 7 OPEC+ countries held their October required production at 31.01 million barrels a day on our calculation, per our article of 6 September. WTI, which does not settle on a United States holiday, stood at 92.70 dollars a barrel at the capture, up 1.33 percent against Friday’s settlement, and ULSD heating oil led the energy board at plus 3.11 percent, extending the products story: retail diesel reached 5.90 dollars a gallon and regular gasoline 4.15 dollars on Monday, both records for a Labor Day weekend, per AAA figures carried by CNBC. Natural gas was the board’s only decline, off 0.30 percent.

Gold slips as hike odds hold near 60 percent

Gold for December delivery was 0.55 percent lower at 4,452.00 dollars an ounce at the capture, a second consecutive decline after Friday’s 1.44 percent fall in our published wrap of 4 September, as traders priced a 60 percent chance of a Federal Reserve rate increase at next week’s meeting, up from 50 percent before Friday’s jobs report, per the CME FedWatch tool as cited in the Reuters gold report. That report put spot gold at 4,410.55 dollars at 17:51 GMT and noted that trading volumes were low because of the holiday. The rest of the metals board was little changed on thin trade: platinum added 0.57 percent to 1,836.40 dollars, copper 0.32 percent to 6.704 dollars a pound and silver 0.10 percent to 66.815 dollars, while palladium slipped 0.06 percent. The United States producer price index lands Thursday and the consumer price index Friday, the last inflation readings before the Fed’s decision on 16 September, per the same report.

Grains and softs do not trade, and the yen takes the currency board

The agricultural board did not trade. No trade was recorded on the feed for corn, wheat and soybeans, which carry Friday’s settlements with no change figure since the exchange derived no settlements on Monday, and ICE Futures U.S. lists cocoa, coffee, cotton and sugar as closed on 7 September in its own holiday calendar. On the currency board, the dollar fell as low as 154.05 yen, its weakest since February, and was last down about 1.1 percent at 154.4 in the same agency’s currencies report, having traded above 160 as recently as last Tuesday; the report attributes the move to expectations of faster Bank of Japan tightening, the potential unwinding of yen-funded carry trades and bets on Japanese repatriation, after joint intervention by Washington and Tokyo in August. The dollar index eased 0.26 percent to 98.92 at our capture, the euro rose to 1.1622 dollars and sterling to 1.3537, with the European Central Bank widely expected to raise rates on Thursday, per the same report. Bitcoin slipped 0.73 percent to 79,239.99 dollars. The Cboe Volatility Index and the Treasury cash market had no regular session, so neither is carried today.

Levels captured at 19:25 GMT on 7 September 2026, after the ICE Brent settlement, ranked by change and measured against Friday 4 September’s settlements as carried in the price feed. Brent’s level is identical to the ICE settlement carried in the wire report (97.31 dollars, plus 1.03 dollars or 1.1 percent; the table’s 1.07 percent is the same move to 2 decimals). The NYMEX rows are snapshot levels: CME Group derived no settlement prices for 7 September because of the US Labor Day holiday, per its own notice.

Same 19:25 GMT capture and basis, ranked by change. Snapshot levels on a holiday session with no COMEX or NYMEX settlement, per the exchange notice cited above.

No agricultural change is carried for 7 September: the feed recorded no trade in the CBOT grains and the exchange derived no settlements on the US holiday, and ICE Futures U.S. lists the softs as closed in its holiday calendar. The CBOT levels are Friday’s settlements as carried in the price feed; the ICE levels are Friday’s closing levels as carried in the feed and were not verified at ICE. Cocoa (Dec’26, 6,175.00 dollars a metric ton) is omitted to keep the table lean.

Intraday quotes from the same 19:25 GMT capture, ranked by change; snapshot levels of continuously traded instruments, not settlements. The Cboe Volatility Index and the US Treasury cash market are not carried: Cboe’s holiday calendar lists no regular session on 7 September and the Treasury market was closed for Labor Day.

Why it matters: The escalation has moved from crude to the whole chain. Brent traded at a 6-week high, retail diesel and gasoline set Labor Day weekend records, Hormuz transits are the lowest since May and the day’s own reporting carries a Saudi refinery under attack, so the supply shock is now being priced through products and shipping, not just the barrel, on our reading. At the same time the rate story that hit the metals on Friday has not eased: hike odds held near 60 percent through a holiday session, and gold fell for a second day, on thin volume. The yen’s break of 155 is the third leg, on our reading, because a persistent unwind of yen-funded carry trades could tighten cross-asset positioning well beyond the currency board.

Outlook: The full boards return on Tuesday, when NYMEX, COMEX and CBOT settle again after the holiday and the softs reopen. The European Central Bank decides on Thursday and the United States producer and consumer price reports land Thursday and Friday, per the reports cited above, and with Brent above 97 dollars and diesel at a record, a stronger-than-expected inflation print, particularly one reinforced by energy costs, would feed the repricing that is already weighing on gold, on our reading. Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said a restricted zone outside the Strait of Hormuz will be announced in the coming days, per the oil report cited above, so the shipping data will be watched as closely as the price of the barrel. Gulf equity markets, which traded through Monday, open Tuesday with the settlement and the yen move to digest.

Sources: Reuters, CNBC, CME Group, ICE, Cboe, The Edge.

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