Welcome to Markets Desk, your midday read on what's moving and why.
Crude oil is pushing to a fresh six-week high today, with West Texas Intermediate up nearly half a percent as geopolitical risk premiums return to the energy complex. Escalating hostilities between the US and Iran are keeping supply disruption fears alive, and traders are bidding accordingly.
Shifting to the soft commodities, it's a rough session across the board. Cocoa is getting hit hard, down nearly four percent in New York after Barry Callebaut signaled ample global supplies, ending the scarcity narrative that had supported prices. Meanwhile arabica coffee is off more than three and a half percent, sliding to a five-week low as a sustained harvest-driven selloff stretches into its second week, with robusta following lower as well.
On the antitrust front, Google has once again avoided a forced breakup. A federal judge ruled the company does not have to divest its adtech business, despite finding it held an illegal monopoly in that market. Remedies are still coming, but Alphabet shareholders will take the structural relief, and the stock reflects that clarity.
That's the tape. Markets Desk, signing off the floor.
