Both Brent and WTI crude oil prices rose by over 4%.

The Vietnam Commodity Exchange (MXV) announced that after four consecutive days of decline, the global commodity market turned green again. At closing, the MXV-Index rose more than 1.5%, to 2,124 points.

Notably, oil prices rebounded strongly and escaped their four-year lows after US President Donald Trump announced a postponement of tariffs. In addition, new US tariff policies also contributed to supporting soybean prices, extending their gains for the third consecutive session.

MXV-Index

Energy price index rose sharply by more than 3%.

According to MXV, the energy price index recorded an impressive increase of over 3% in yesterday's trading session.

Both Brent and WTI crude oil prices rose by over 4%. Brent crude reached $65.48 per barrel, representing a 4.23% increase; while WTI crude rebounded above $60 per barrel, recording a 4.65% increase and settling at $62.35 per barrel.

Both Brent and WTI crude oil prices rose by over 4%.

Energy price list

The energy market is facing supply uncertainties. The Keystone oil pipeline, connecting Canada to the United States, has been shut down following a leak near Fort Ransom in North Dakota, a city bordering Canada. The pipeline has a capacity of 600,000 barrels per day. Following this, the U.S. Pipeline Safety and Hazardous Materials Administration (PSSA) warned of an increasing frequency of incidents related to the pipeline.

Meanwhile, a new bill introduced yesterday by senators from both the Democratic and Republican parties aims to pave the way for new sanctions targeting the alleged ghost ships that transported oil from Russia, evading existing Western sanctions.

Soybean prices rose for the third consecutive session.

The US postponement of retaliatory tariffs on more than 75 countries also boosted the upward trend of most agricultural commodities in yesterday's trading session. In particular, the soybean market continued its third consecutive day of price increases, rising by approximately 2% to reach $372 per ton, marking its strongest gain in over two and a half months.

Both Brent and WTI crude oil prices rose by over 4%.

Agricultural product price list

In addition, last night, in its Daily Export Sales report, the U.S. Department of Agriculture (USDA) announced that an order for 198,000 tons of soybeans for delivery in the 2024-2025 crop year had been signed with an unnamed country. This is the first sales announcement in about a month since March 10th, indicating that demand for U.S. soybeans remains stable despite escalating trade tensions.

Furthermore, concerns about supply disruptions in Argentina have also supported the upward trend in soybean prices. According to the president of the Private Ports Chamber CAPyM, ships carrying grain and industrial agricultural products will be unable to dock at or leave the central port of Rosario in Argentina on Thursday (April 10th) due to a nationwide strike launched by the central labor union protesting government policies. As one of the world's largest soybean exporters, the blockade of Argentine ports has raised market concerns about a sharp decline in supply from the country, thus supporting prices.

Soybean-based products such as soybean meal and soybean oil also saw significant increases yesterday. Soybean oil prices surged due to a recovery in the energy market and positive news regarding a proposed US biodiesel blending target of 5.25 billion gallons – 64% higher than the current level. Soybean meal prices also rose slightly due to concerns about export disruptions in Argentina.

Prices of some other goods

Both Brent and WTI crude oil prices rose by over 4%.