Market Reports

Oil Prices Adjust Amid Global Tensions and Currency Strength

By RT Staff Reporters · June 21, 2024 · 2 min read

This week, the world of commodities watched as oil prices reflected the ebb and flow of international markets. Despite a daily drop, overall gains were evident for the week.

West Texas Intermediate (WTI) for August delivery closed at $80.73 per barrel, marking a decrease of 0.69%.

Meanwhile, Brent crude for September ended at $84.33 per barrel, down by 0.62%. Nevertheless, WTI managed a 2.91% increase over the week.

The dollar’s strength played a significant role today, making oil, priced in dollars, costlier for those with other currencies, thus softening demand.

Additionally, a robust US Purchasing Managers Index pushed the dollar even higher. Amid these market movements, geopolitical tensions also shaped the trading landscape.

Oil Tumbles as Strong Dollar and Interest Rates Bite — Oil Prices Adjust Amid Global Tensions and Currency Strength. (Photo Internet reproduction)

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Santander US highlighted ongoing conflict dynamics, noting Ukraine’s targeted strikes on Russian oil facilities, intensifying the stakes in global energy supplies.

Meanwhile, potential escalations in the Middle East, particularly involving Israel and Hezbollah, kept the market on edge. Recent Israeli military actions in Gaza added to these concerns.

Commerzbank pointed to a resilience in oil prices, bouncing back from OPEC+ decisions earlier this month, supported by these various geopolitical crises.

The bank foresees a continued focus on the Middle East. They expect oil supply shortages in the coming months due to OPEC+ cuts.

Adding to the day’s news, Baker Hughes reported a small decline in operational US oil rigs. The count dropped by three to 485, hinting at shifts in domestic production.

This week’s developments in oil markets serve as a reminder of the intricate connections between global economics, politics, and energy resources.

As nations navigate these turbulent waters, the impacts resonate through economies.

They influence everything from the cost of filling up a vehicle to the broader financial health of countries around the globe.

Live Market IntelligenceCommodities — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Commodities — Live Market Board

Global
Jul 23, 2026 · 12:34

Brent crude · benchmark

86.95
-7.57%

L 85.01day rangeH 87.09

+26.92% over 12 months

Market breadth · 15 names

27% advancing

4 ▲ advancing11 declining ▼

Currencies, rates & key inputs

Gold

4,056

-2.20%

Silver

57.78

-3.74%

Copper

6.34

-1.67%

Iron ore

161.91

·

WTI crude

92.31

+6.31%

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
GOLD	4,056	-2.20%	+19.49%	4,147	4,144	4,043	111,835
SILVER	57.78	-3.74%	+47.09%	60.02	60.36	57.32	26,838
BRENT	86.95	-7.57%	+26.92%	94.07	87.09	85.01	40,462
WTI	92.31	+6.31%	+41.47%	86.83	92.43	87.32	235,728
COPPER	6.34	-1.67%	+9.47%	6.45	6.54	6.34	27,498
LITHIUM	68.77	-0.33%	+58.20%	69.00	69.68	68.65	74,819
IRON ORE	161.91	—	+64.76%		161.91	161.91	1
SOY	1,243	+0.77%	+23.54%	1,233	1,249	1,236	90,574
CORN	484.75	+4.92%	+21.64%	462.00	489.50	483.00	128,122
WHEAT	697.50	-1.17%	+29.05%	705.75	710.25	693.00	48,306
COFFEE	310.25	-2.02%	+2.95%	316.65	321.30	309.65	7,807
SUGAR	14.70	-0.27%	-9.48%	14.74	14.90	14.67	32,545
COCOA	5,228	-1.88%	-38.06%	5,328	5,411	5,165	9,594
ORANGE JUICE	147.35	-1.96%	-56.22%	150.30	148.80	144.10	155
COTTON	81.49	+2.03%	+22.32%	79.87	81.75	79.75	7,345
BEEF	220.50	-1.21%	-2.87%	223.20	221.90	217.38	11,420
CATTLE	338.95	-0.65%	+2.24%	341.17	340.50	333.00	5,870
USD/BRL	5.09	+0.63%	-8.58%	5.05	5.09	5.04	—

Largest moves today

BRENT
86.95
-7.57%

WTI
92.31
+6.31%

CORN
484.75
+4.92%

SILVER
57.78
-3.74%

GOLD
4,056
-2.20%

COTTON
81.49
+2.03%

COFFEE
310.25
-2.02%

ORANGE JUICE
147.35
-1.96%

The session read

The Brent crude eased 7.57%, with breadth negative — 4 of 15 names higher. WTI led, while SILVER lagged.

From The Rio Times

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