Crude oil rose in post-settlement trading as Middle East supply risks and renewed fears of escalating conflict drove prices higher.
Nickel climbed for a fourth straight session as producers may coordinate output cuts in Indonesia, fueling expectations of tighter supply.
Gold fluctuated higher as traders assessed the Federal Reserve's rate path amid renewed Middle East tensions.
Crude Oil: Prices Rise After Settlement as Middle East Conflict Escalation Fears Reignite
Oil prices advanced in post-settlement trading, driven by Middle East supply risks and renewed concerns over escalating conflict.
Brent crude settled around $109 a barrel and rose to around $110 a barrel in post-settlement trading.
Citing three U.S. officials, reports said the State Department is preparing to order the evacuation of some U.S. personnel and their family members from the Gulf region.
Meanwhile, the official Saudi Press Agency reported that a drone attack on an Aramco oil field killed two people.
Crude has risen about 80% this year amid disruptions to shipping through the Strait of Hormuz and Ukrainian strikes on Russian refineries, with refined products such as diesel posting even larger gains.
December Brent was little changed, settling at $108.82 a barrel; as of 3:09 p.m. New York time, it had risen to $110.33 in post-settlement trading; WTI fell 0.7% to settle at $97.15 a barrel; as of 3:09 p.m. New York time, it had risen to $98.41 in post-settlement trading.
Base Metals: Nickel Rises for a Fourth Consecutive Session
Nickel surged for a fourth straight day as producers may coordinate production cuts in Indonesia, boosting expectations of tighter supply.
Nickel on the London Metal Exchange jumped 3.7%, breaking above $16,000 a ton, extending its rally since touching a nine-month low last Thursday.
Executives at several major nickel producers are considering reducing output at their Indonesian operations, including plants that produce key battery materials.
The companies attempted to agree on output cuts in August but were unsuccessful.
At the close, LME copper fell 0.5% to $14,356 a ton; LME aluminum rose 1.3% to $3,041.50 a ton; LME nickel rose 3.7% to $16,234 a ton; LME zinc rose 0.8% to $3,755 a ton; LME tin fell 0.2% to $51,248 a ton; LME lead rose 0.8% to $1,909.50 a ton.
Precious Metals: Gold Fluctuates Higher
Gold fluctuated higher as traders assessed the prospect of another escalation in Middle East hostilities.
The U.S. denied evacuating embassy staff from the entire Persian Gulf, with State Department spokesman Pigott saying on X that authorities had only ordered the departure of non-emergency U.S. government employees and their family members in Saudi Arabia.
After Pigott's post, bond yields pared some gains, Brent crude held above $109 a barrel, and gold fluctuated accordingly.
Meanwhile, high energy costs increased the likelihood that the Federal Reserve will need to raise rates further.
Since gold pays no interest, rising rates typically weigh on prices.
As of 5 p.m. Eastern time, spot gold rose 0.4% to $4,140.74 an ounce; spot silver rose 0.1% to $57.973 an ounce.
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