In the commodities **** et class in May 2026, ICE cocoa futures were the only commodity to post just below a double-digit percentage gain. Palladium, WTI, Brent crude oil, gasoline, heating oil, gasoline crack spreads, frozen concentrated orange juice, and Ethereum declined by over 10%. The leading stock market indices moved higher, while the long bond futures were steady. The dollar index rose by 0.95%. The long bond futures fell by 0.47%. A higher dollar and elevated interest rates weighed on many commodity prices.
A continued ceasefire and hopes of a settlement between Iran and the United States that opens the Strait of Hormuz, a critical logistical chokepoint for crude oil, sent crude oil, oil products, crack spreads, and fertilizer prices lower in May.
Oil Prices Soar as Iran Shuts Down US-Iran Ceasefire Negotiations
Oil Prices Soar as Iran Halts US-Iran Ceasefire Negotiations
Nat-Gas Prices Fall Back on Cooler Forecasts for the East