Commodity markets: Oil prices soar

The Vietnam Commodity Exchange (MXV) said escalating tensions in the Middle East caused oil prices to spike.

According to MXV records, closing yesterday, the MXV-Index continued to increase by more than 1.2%, to 2,304 points.

Energy commodity markets received overwhelming buying power. Source: MXV

The energy group was a bright spot in the commodity market when it received overwhelming buying power across all five commodities, creating a driving force for the entire market to improve. Notably, two crude oil commodities recorded an increase of more than 4%.

Specifically, Brent oil price has returned to above 76.45 USD/barrel, equivalent to an increase of 4.4% while WTI oil price increased sharply by 4.28%, to 74.84 USD/barrel - the highest level since the beginning of this year.

Tensions between Israel and Iran continue to escalate, causing investors to worry more about the risk of disruption to oil supplies from Iran and Gulf countries.

Agricultural commodity market is flourishing. Source: MXV

The agricultural group also recorded positive signals with soybeans increasing by more than 0.4% to 394 USD/ton; soybean meal increasing by 0.49% to 314.27 USD/ton. This increase was driven by positive supply and demand signals within the market.

The USDA’s weekly export report shows the US exported at least 465,000 tonnes of soybeans between June 8 and 12, mainly to Pakistan and Mexico, two markets that are showing early interest in new 2025-2026 crop year supplies.

According to the latest figures from the European Union (EU), as of June 15, the bloc imported 13.58 million tons of soybeans for the 2024-2025 crop year, up nearly 1 million tons from 12.6 million tons in the same period last year. This move reflects a positive signal of consumption demand in the region.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-tang-vot-705929.html