MARKET MOVEMENTS:

–Brent crude oil is down 2.3% to $93.44 a barrel.

–European benchmark gas is down 1.1% to 71 euros a megawatt-hour.

–Copper futures are flat at $14,362.50 a metric ton.

–Gold futures are down 1.7% to $4,463.40 a troy ounce.

TOP STORY:

U.S. Retail Diesel Prices Hit Record High as Global Supply Tightens

U.S. diesel prices jumped to a fresh record high as prolonged disruptions to Middle East energy flows and Russian refineries continue to tighten global supplies ahead of peak-demand season.

The national average price of diesel hit $5.850 a gallon on Friday, the highest on record, according to the American Automobile Association. A year ago, prices averaged $3.712 a gallon.

OTHER STORIES:

Food Prices Rose in August as Supply Risks Mount, UN Says

World food prices rose in August as adverse weather and supply disruptions in the Middle East and Black Sea regions raised concerns over future supplies, the United Nations’ Food and Agriculture Organization said.

The FAO’s food price index–which tracks a basket of widely traded food commodities–averaged 133.3 points last month, up 1.9% from its July level and 2.5% higher than a year prior, as all commodity categories recorded higher prices overall.

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BHP Group Says It Remains Committed to Western Australia Iron Ore Business

BHP Group said it remains committed to its Western Australia iron ore business, and the region, which are central to its portfolio.

Australia-based BHP–the world’s biggest miner by market value–said Friday that it regularly explores options to create value for shareholders.

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Tyson Foods Cuts Revenue Guidance, Citing Cattle Pressure

Tyson Foods said its revenue will grow by less than previously expected this year, citing pressure on volatile cattle prices.

The company said Thursday that it expects revenue in fiscal 2026 to rise by 1.5% to 2%, down from a previous range of 2.5% to 3.5%.

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Norway’s DNO Says It Won’t Proceed With Bid For Genel Energy

Norwegian oil and gas company DNO said it doesn’t intend to make an offer to acquire Genel Energy, and that the board of its U.K. peer didn’t show willingness to engage in talks.

DNO had proposed a 202 million-pound ($273.2 million) takeover with two potential deal structures in July. Under the first proposal, Genel Energy shareholders would receive 69 pence in cash for each Genel share, while a second proposal would see Genel shareholders offered a combination of cash and newly issued DNO shares, which would be equivalent in value to the cash offer.

MARKET TALKS:

Crude Futures on Track for Hefty Weekly Gains — Market Talk

0922 ET – Oil futures are lower in early U.S. trading, while remaining on track for solid gains in the week that saw a renewal of fighting in the Persian Gulf. “Markets don’t proceed higher in straight-line fashion and major price up-spikes tend to be followed by occasional pullbacks,” Ritterbusch & Associates says in a note. With no end of the conflict in sight and a resumption of talks still not on the radar, “we view it as premature to suggest that a price top has been established,” the firm adds. WTI is off 1% at $90.38 a barrel and Brent is down 0.9% at $94.63. (anthony.harrup@wsj.com)

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Palm Oil Ends Higher on Stronger Soybean Oil Prices — Market Talk

1057 GMT – Palm oil closed higher on stronger soybean oil prices and ongoing concerns about medium-term output amid El Nino weather conditions affecting Malaysia and Indonesia, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees support at 4,900 ringgit a ton and resistance at 5,050 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery ended 27 ringgit higher to 4,931 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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BHP Capex Seen Rising at Vicuna; Safer at Escondida — Market Talk

0758 GMT – The budget for the Vicuna copper project BHP is developing with Lundin Mining is likely to rise above the current phase-one estimate of $7 billion-$8 billion, Barclays says following an analyst roundtable with BHP’s CEO and CFO. “It was clear from the discussion that a higher number is likely,” Barclays says. The budget for a new concentrator at BHP’s Escondida mine is seen as “less at risk,” the bank says. At its FY26 results, BHP increased its capex estimate for the concentrator project by 14%, to $5.4 billion-$6.3 billion, but the increase mainly reflects a larger project scope, says Barclays. “BHP feels relatively more comfortable about the capex risks” there, it says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Saudi Arabia’s Crude Selling Prices Could Signal Easing Market Tightness — Market Talk

0725 GMT – Saudi Arabia’s decision to keep the price of its flagship crude grade for Asian customers unchanged for next month suggests some easing in physical-market tightness, according to analysts. State producer Saudi Aramco kept the official selling price for October shipments of its Arab Light crude to Asia–the largest market for Middle Eastern oil–at a discount of $2 a barrel to the Oman/Dubai benchmark. The move suggests “the market is not as tight as thought,” analysts at ING say. Prices for grades sold to Northwest Europe and the Mediterranean were also left unchanged, while U.S. customers saw a $1-a-barrel increase. (giulia.petroni@wsj.com)

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Oil Headed for Largest Weekly Gain Since July — Market Talk

0710 GMT – Oil prices are on track for their largest weekly gain since mid-July as a flare-up in hostilities between the U.S. and Iran this week fueled fears that Persian Gulf flows might be constrained into next year. In early European trading, Brent crude ticks 0.2% higher to $95.75 a barrel, while WTI futures rise 0.3% to $91.58 a barrel. The benchmarks are up 8.6% and 9.8% on the week, respectively. “The market is entering a delicate adaptation phase,” analysts at ANZ say. “Elevated inventories helped absorb the initial supply crisis, but the challenge is now to keep the market balanced as those buffers diminish.” While the escalation is propping up crude, some market watchers say the rally might lose traction if oil continues to flow through Hormuz. (giulia.petroni@wsj.com)

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Iron Ore Gains; Prices Likely to Stay Range-Bound — Market Talk

0258 GMT – Iron ore prices are higher in early Asian trade. Prices are likely to stay range-bound in the near term, Baocheng Futures analysts say in a commentary. Elevated ocean freight costs and pre-holiday restocking expectations continue to support iron ore prices, they say, referring to China’s week-long national holiday in October. However, high supply could put pressure on prices, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is 1.1% higher at CNY727.0 a ton. (tracy.qu@wsj.com)

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Palm Oil Rises on Soybean Oil, Palm Olein Strength — Market Talk

0247 GMT – Palm oil rises in early Asian trading, driven by gains in soybean oil on the Chicago Board of Trade as well as palm olein on the Dalian Commodity Exchange, says David Ng, a trader at Kuala Lumpur-based Iceberg X. He expects the uptrend to continue due to concerns about El Nino’s impact on plam oil output. Ng expects prices to be supported at 4,900 ringgit a ton with resistance at 5,080 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery is up 32 ringgit at 4,936 ringgit a ton. (yingxian.wong@wsj.com)

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China Commodity Demand Momentum Seen Improving in Short Term — Market Talk

0146 GMT – China’s commodity demand could accelerate in the short term, given an anticipated pickup in the rate of infrastructure spending in the coming months, says Commonwealth Bank of Australia’s Vivek Dhar. Yet he’s not sure there will be a sudden surge in buying. “While additional stimulus is still a possibility, especially if economic data in coming weeks doesn’t turn positive enough, we remain cautious that more policy support will push China’s commodity demand impulse materially higher,” says Dhar. Most recently, China has sought to support consumption, which typically has a relatively low commodity intensity, he says. “The risk that any additional stimulus is more commodity-intensive is tied to the acceleration in the ‘Six Networks’ national infrastructure program to upgrade China’s physical and digital systems,” including electricity, water and telecommunications, he says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

September 04, 2026 10:27 ET (14:27 GMT)

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