Oil soars past $100, gold falls, copper hits record Sept. 9, 2026

QUICK ROUNDUP OF MAIN HEADLINES

1. Brent oil touched $100 a barrel amid Middle East tensions. During the Sept. 9 Asian session, Brent rose above $100 a barrel at times, with WTI around $94.6 a barrel. In the previous session on Sept. 8, Brent settled 0.9% higher at $97.92 a barrel and WTI gained 1.7% to $93.03. The United States was reported to have destroyed five Iranian oil tankers; Iran said it fired ballistic missiles at two U.S. destroyers and the Al Azraq base in Jordan; Houthi forces attacked energy facilities in Saudi Arabia. This matters because higher energy prices revive global inflation concerns and expectations that the Fed may raise rates; a Trump–Putin phone call on a Ukraine ceasefire helped curb the rally.

2. Global stocks fell on high yields and rising oil prices. On Sept. 8, the Dow Jones dropped 1.18% to 52,786.07, the S&P 500 fell 0.58% to 7,673.52, and the Nasdaq lost 0.32% to 26,421.41. On Sept. 9, Nikkei 225 fell 0.2%, Hang Seng lost 0.2%, Shanghai Composite rose 0.3%, and KOSPI jumped 1.4%; Vietnam's VN-Index slipped 0.18% to 1,827.12. A rare bright spot was semiconductors: Intel +9.1%, AMD +5.9%, Broadcom +3%. This matters because a 10-year Treasury yield around 4.8% and expensive oil raise concerns about higher borrowing costs and inflation.

3. The Fed may raise rates in mid-September. CME FedWatch put the probability of a 25-basis-point hike at the Sept. 15–16 meeting at around 59–60%, up from about 50% after stronger-than-expected jobs data. Fed Chairman Kevin Warsh said inflation remains above the 2% target; UBS upgraded its forecast to two hikes this year. This matters because the 30-year Treasury yield hit 5.248%, the highest since 2007, and the U.S. Treasury expanded its bond buyback program, with the first operation expected at $4–10 billion.

4. The yen strengthened while the dollar weakened. USD/JPY fell to 152.89 and then 153.99; the yen gained about 4% from the start of September to a seven-month high. The DXY stood at 98.84–98.87, and Bloomberg's dollar index slipped 0.2%. U.S. Treasury Secretary Scott Bessent said he has a “good look” at Japanese policymakers' plan. This matters because a stronger yen can hurt Japanese exporters' earnings; foreign investors sold a net 4.03 trillion yen of Japanese government bonds in June–July, the largest outflow since early 2023.

5. Copper hit a record while industrial metals rallied. Three-month LME copper rose 1.3% to $14,703 a ton and reached $14,728 at times; copper is up about 18% this year. The cause is tight supply outside the U.S. as metal is pulled into America ahead of refined copper import tariffs; LME inventories have fallen about 40% since late May, SHFE stocks stand at 63,000 tons, and COMEX hit a record 766,795 short tons. Zinc rose above $4,000 a ton and aluminum reached $3,318.5. This matters because tighter metal supply can push industrial production costs higher.

6. The U.S.-Canada trade war escalated. Canada imposed retaliatory tariffs of about $20 billion on U.S. goods from Sept. 8, with rates of 15–50%, after talks collapsed. President Trump signed an executive order banning imports of some Canadian cars and alcoholic drinks from Sept. 29; inventory not cleared before that date still faces a 50% tariff. This matters because auto supply chains are being disrupted, and Canada and the EU are strengthening trade and security ties in response.

7. Gold fell while agricultural commodities were mixed. Spot gold dropped 0.2% to $4,396.19 an ounce and briefly fell 1.32% to around $4,354; palladium declined 2.7–2.9% to about $1,351. Meanwhile, London robusta coffee rose 1.56% to $3,458 a ton, New York arabica fell 1.45% to 291.3 cents per pound, and Shanghai rubber rose 2.75% to 19,635 yuan per ton. This matters because higher oil and yields pressure precious metals, while tighter agricultural supply supports prices.

8. China's exports rose 25% in August. Exports grew 25% year-on-year, accelerating from 23.9% in July; the eight-month total reached $2.92 trillion. August CPI rose 0.8%, PPI rose 3.8%, and the yuan cross-border payment system CIPS now covers 192 countries. This matters because global demand remains resilient, but rising input costs may squeeze corporate profits.

WHAT TO WATCH TODAY: The ECB policy meeting on Sept. 10, with markets expecting a 25-basis-point hike to a 2.50% deposit rate.

*The information is a market summary for reference and reflects multiple sources at the time of publication.*