Public Markets 24 Hours

Last updated: May 25, 2026, 8:30 PM ET

Energy & Commodities

Oil prices retreated sharply as Brent crude fell roughly 7% on optimism that U.S.-Iran peace negotiations could lead to the reopening of the Strait of Hormuz, with futures dropping below $100 a barrel for the first time in weeks. European natural-gas prices slid 5% on the same deal hopes, while Asian stocks extended their rally as risk appetite returned and oil prices declined. Yet analysts warned that even a Hormuz deal won't normalize supplies quickly, noting that moving the estimated 1,500 ships stranded for nearly three months will take considerable time. Two LNG tankers cleared the strait over the weekend, and Abu Dhabi quietly ramped up its own tanker fleet to ferry shipments past both Iranian and U.S. naval patrols. India's gas-powered electricity generation plunged to its lowest level in six years as Iran war disruptions curtailed fuel shipments, compounding the strain from a scorching summer driving record energy demand. Meanwhile, European gas prices fell 5% and a Swiss trading firm helped move an Iraqi oil supertanker through the strait, underscoring how intensely the market is focused on any vessel that successfully transits the chokepoint.

Metals, Mining & Commodity Supply

A surge in Chinese coking coal prices pushed futures to the daily limit after a deadly mining accident in Shanxi province raised fears of broader supply disruptions, sending mining shares higher. Guinea, the world's top bauxite producer, plans to unveil export controls next month in an effort to bolster aluminum prices, while one of Codelco's largest unions vowed to resist any clawback of bonuses after fallout from the Chilean state miner's overstatement of copper output spread through the industry. Ghana's central bank will increase gold purchases to 30% of large mines' output starting June 1, up from 20%, a move that could tighten domestic supply. Across Asia, South Korea's bond market is pricing in too many central bank rate hikes, according to NH Amundi, creating buying opportunities in short-term debt that contrast with the broader tightening narrative.

Fixed Income & Currencies

The Treasury yield curve flashed a higher-for-longer warning as a key gap between short- and long-dated yields narrowed to its tightest in a year, with traders betting the Federal Reserve may keep rates elevated under new chairman Kevin Warsh. BlackRock's Saigal said there are sufficient factors to justify a Fed cut rather than a hike, adding nuance to the tightening trade. The dollar extended its decline as optimism over a potential U.S.-Iran deal weakened safe-haven demand, while European Central Bank officials cautioned against overly restrictive policy that could further burden economic activity. Czech Republic's prime minister urged rate cuts despite growing inflation risks from energy prices, and outgoing ECB member Francois Villeroy said a spike in energy costs hasn't yet triggered second-round effects across the euro area. Indian government bond yields hit a two-year high as the Iran war lifted borrowing costs, while the rupee strengthened on oil relief and central bank comments that it may be undervalued. Sri Lanka's rupee is set to recover by year-end as oil prices ease.

Equities & IPO Activity

Italian stocks hit their first record in 26 years as energy and chip stocks powered a rally past the all-time closing high set in 2000. European shares advanced on Iran deal hopes with Italy leading, while emerging-market stocks and currencies rose on lower oil prices and improved risk sentiment. Gold held near recent highs as a weaker dollar and inflation relief from a potential Iran deal supported the metal, even as some traders weighed deal uncertainties. The AI boom delivered the best momentum-stock returns on record globally, powering the world's hottest names despite Iran war concerns. Ferrari unveiled its first fully electric model, the Luce, priced at €550,000 with a design by Jony Ive, as the luxury EV market faces headwinds in the U.S. In India, rapid-commerce firm Zepto is preparing a public filing for a $1 billion IPO in the first half of June. SoftBank raised ¥260 billion ($1.6 billion) through subordinated bonds aimed at individual investors, its second such retail offering in two months.

China & Regulatory Pressures

China's new solar installations fell for a fourth straight month in April, reflecting persistent weakness in domestic demand. Beijing's crackdown on cross-border stock trading cost a brokerage tycoon $1.7 billion in a single day, while Chinese investors rushed to find alternative channels for overseas equities. The curbs could affect as much as $32 billion of Hong Kong assets, according to Citic Securities. Chinese firms are accelerating plans for new coal-fired power plants despite government efforts to curb expansion, and coking coal futures jumped to the daily limit after a Shanxi mine disaster. Meanwhile, Stellantis is accelerating partnerships with Chinese automakers to access the domestic market.

Political & Macro

Trump struck a more cautious tone on Iran peace talks, while President Trump's threats had little effect on Iran's terms for a deal, according to reporting that highlighted the gap between the two sides' demands. Netanyahu announced plans to intensify attacks on Hezbollah in Lebanon, and Mexico will host the Iranian national team for the World Cup after U.S. authorities barred them from staying overnight. Hungary's prime minister said he'll sign a deal with the EU on May 28 to unlock frozen funds. The Park Slope Food Co-op in Brooklyn fractured over a proposed boycott of Israeli products, and Massachusetts became the first state to formally unionize ride-share drivers. The App Drivers Union received official certification to represent Uber and Lyft drivers, marking a milestone in gig-economy labor organizing.