Commodity prices sank in June, partly reversing five consecutive months of gains. Tumbling energy prices led the selloff, with geopolitical risk premiums evaporating as tensions between the U.S. and Iran eased and the Strait of Hormuz began to reopen. Agricultural commodities followed suit, with their price sliding back toward February levels as expectations of weaker biofuel demand, improving fertilizer availability and cooling freight costs combined to soften the price outlook. Precious metals also lost ground, pressured by a stronger USD. Base metals proved the most resilient segment, posting the mildest decline across the commodity complex: Some metals fell sharply as worries about Gulf-related supply disruptions lessened, while others continued to draw support from robust AI and electricity demand.
Global commodity prices decreased 10.9% month on month in June, following May’s 1.7% rise.
This chart displays Brent Crude Oil (US$/bbl) from 2024 to 2026.