The war moves onshore, and gold loses $4,000.
Attacks in Saudi Arabia lifted oil, oil lifted rate-hike bets, and those bets hit gold.
Weekly Commodity Report · Edition 228
Fig. — Recent daily closes, with the week to 23 October in red · Source: Barchart; Lundy Intelligence
Attacks in Saudi Arabia’s Eastern Province forced Aramco to evacuate its Dhahran headquarters on 22 October. Brent rose 6.2% to $116.72, its highest close since late April and up 94% this year. $116 oil revived Fed hike bets, with futures pricing about a 76–78% chance of a December move, and gold fell 4.1% to below $4,000 for the first time since July; silver fell 5.9%.
Warm forecasts sank US natural gas 15.3% to a two-month low. Corn fell to its lowest close since July as the harvest reached 44% and exports lagged, but China bought 2.18 Mt of US soybeans in one week, the most in nearly three years. Six markets rose. The full edition covers each market, with the week ahead: the Fed, US GDP and PCE, and OPEC+ on 1 November.
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Join the distribution list →Practitioner-led market commentary for information only. Not investment advice, issuer-sponsored research or a personal recommendation. Prices are closes on Friday 23 October 2026 from Barchart and the public sources named in the report. Views may change without notice. Lundy may hold interests in subjects covered.